Alex Rodriguez launching startup to compete with Ticketmaster
The ticketing industry has had some serious issues in recent years, and Alex Rodriguez is hoping his new business venture can help resolve some of them.
Rodriguez and his partner Marc Lore have raised $20 million in new funding for their startup called Jump, which they hope will provide fans with a new avenue to attend events and enjoy certain experiences while there. According to Kim Bhasin of Fortune, A-Rod and Lore began exploring the sector when they tried to buy the New York Mets in 2020.
“As Alex and I began exploring ownership opportunities with sports teams, we spoke to industry execs and began seeing first-hand how many teams were missing the mark when it came to their fan experience,” Lore said in an email to Fortune. “We quickly realized that there were so many untapped opportunities to rethink the entire fan journey.”
One of the unique services Jump plans to offer is dynamic ticketing, which would allow fans to pay to move to a better seat in the middle of an event. Chief Executive Officer Jordy Leiser, who co-founded Jump, said the goal is to make the event experience more personalized.
The funding for Jump comes at a time when Ticketmaster and parent company Live Nation Entertainment are facing numerous lawsuits, most notably for last year’s Taylor Swift fiasco.
Rodriguez has explored numerous business opportunities since his baseball career ended. He and Lore purchased the Minnesota Timberwolves last year and are on schedule to take full controlling ownership of the franchise.