Afterpay part of Ticketek’s Post-COVID comeback plan

Ticketek’s plan to recover from the total shutdown of public events includes a new agreement with Afterpay to lure credit-card averse Millennials.

Ticketek is hoping teaming with Afterpay will help it reach the a market of younger event-goers.

Australian ticketing outlet Ticketek says it's the first ticket company in the world to offer a 'buy now, pay later' service, landing a deal with ASX darling Afterpay.

Ticketek, which is owned by live entertainment company TEG, said Afterpay's functionality would be integrated into Ticketek's website and apps in coming months, giving customers the ability to buy tickets and pay for them in four fortnightly instalments.

The company's boss Geoff Jones said Afterpay's tech would help bolster its online offerings as it moves to recover post COVID-19.

“As we work on plans for the safe return of live entertainment in Australia, one of the best things we can offer fans is greater choice in how they secure tickets,” Ticketek chief executive Geoff Jones said.

“Ticketek with Afterpay does just that … we are thrilled to have partnered with Afterpay to offer this world-first.

“Now, more than ever, fans need payment choice. Our integration with Afterpay will give fans greater flexibility in how they pay for tickets, while further enhancing the customer experience through frictionless payments technology.”

Afterpay CEO Anthony Eisen said research done by Afterpay found only 41 per cent of Millennials used a credit card and reports showed the proportion of credit-card users among Gen Z consumers was even lower.

"This is driving the desire to offer Afterpay’s solution for tickets, helping fans to budget and pay responsibly. We expect good take up from fans once big shows and events go back on sale.”

Afterpay's shares were up 1.6 per cent at 4pm to $44.70.

Afterpay shares climbed to a new high on Thursday, buoyed by strong customers numbers in the crucial US market.

The company said it had reached its US target six weeks early. The company now has more than 5 million active shoppers in the US, with more than 9 million US customers on its platform.

It said that more than a million customers had joined Afterpay in the past 10 weeks since the COVID-19 pandemic took hold, had added customers 30 to 40 per cent faster every week than it did in January and February.

The company’s new US clients include American Eagle, Birkenstock and The Hut Group.