Lyte, a ticketing company once promising to streamline the event entry process, abruptly ceased operations late last week, putting an end to its service utilized by numerous promoters and fans. Following this shutdown, founder and chief executive Ant Taylor confirmed to Billboard's Dave Brooks that he has stepped down, and the company's board is now in search of a buyer to address outstanding debts owed to promoters and customers.
This sudden closure comes in the wake of Lyte's acquisition of bankrupt festival ticket aggregator Festicket in September 2022. Reports indicate that Festicket had significant debts, amounting to approximately $24.3 million owed to 155 promoters, including notable names like AEG and Event Horizon. Such financial burdens and a troubled workplace environment, as disclosed by former employees, likely contributed to Lyte's downfall despite having secured $53 million in funding.
Promoters relying on Lyte reported to Hypebot that they were unable to access their ticket inventory, while consumers have voiced complaints about unfulfilled refunds. Currently, Lyte’s website displays a message indicating that it is undergoing scheduled maintenance, and it remains unclear when or if services will resume. As affected stakeholders await updates, the industry watches closely for Lyte's next steps.
For ongoing updates, check back at Hypebot to learn more about the developments surrounding Lyte’s closure and potential sale.