EDM Identity
  • News
  • Music
    • Exclusive Mixes
    • Playlists
  • Events
  • Culture
  • Interviews
  • Shop
No Result
View All Result
EDM Identity
  • News
  • Music
    • Exclusive Mixes
    • Playlists
  • Events
  • Culture
  • Interviews
  • Shop
No Result
View All Result
EDM Identity
No Result
View All Result

Ticketing Platform Lyte Shuts Down while it Owes Promoters Hefty Sums

John Cameron by John Cameron
September 18, 2024
in News

Lyte’s CEO has resigned and its staff has been laid off. Here’s the thing: It still owes some promoters hundreds of thousands of dollars.


Well, this doesn’t bode well for the already ailing US festival market. Ticketing platform Lyte has abruptly discontinued operations, and its employees aren’t the only ones affected. The company reportedly owes hundreds of thousands of dollars to event organizers left holding the bag.

Billboard reports that Lyte CEO Ant Taylor has resigned from the company, with other stakeholders scrambling to form an emergency board and court an emergency investor to pay off its outstanding balances. Lyte’s staff has also been laid off, and a visit to its homepage reveals a landing page that reads, “Our website is currently undergoing scheduled maintenance.”

Lyte was launched in 2014 and is rumored to have raised $53 million in funding from investors like ‘s clientele includes the organizers of large-scale gatherings such as hedge fund manager Joseph Edelman and venture capitalist Chamath Palihapitiya. Its clientele includes organizers of large-scale gatherings such as Lost Lands, Baha Beach Fest, and Pitchfork Music Festival.

So where did things go wrong? According to The Ticketing Business, insiders argue that the Lyte’s acquisition of Festicket set it up for failure as leadership underestimated how far inheriting the company’s debt would set it back. One described it as “the stupidest deal ever done.” Another said that Lyte “went downhill pretty much” after the fact.

This reportedly cast the company into a cycle of bad decisions as it tried get back on a path to solvency. Among them was a business model change in which it helped promoters scalp tickets and pocketed half of the profits.

Attorneys representing a number of Lyte’s clients are currently hoping to pull their money out of the platform before it files for insolvency protection and goes into administration — if it opts to do so.


ShareTweetShareShare
John Cameron

John Cameron

I'm a recovering techno elitist and the managing editor of EDM Identity. I try to write articles that give the context I wished I had when I started getting more into dance music two decades ago.

MORE ON EDMIDENTITY

Renate Fire Berlin
News

Fire Breaks Out in the Front Garden of Berlin Club Renate

by John Cameron
June 20, 2025
Get Funky 2024 V2 Presents
News

Get Funky in Salt Lake City Moved Indoors Due to Extreme Wind Forecast

by John Cameron
June 19, 2025
Conor McGregor Pacha Ibiza fight
News

Conor McGregor Punches Pacha Ibiza Attendee to the Ground

by John Cameron
June 19, 2025
Zamna x Tixr
News

Zamna Entertainment Mexico Inks Deal with Tixr as Global Ticketing Partner

by Grant Gilmore
June 19, 2025
Electric Forest 2022
News

Electric Forest is Back This Week. So is Last Year’s Severe Weather

by John Cameron
June 18, 2025
Next Post
Neon Owl Open Door Sessions Los Angeles 2023

Neon Owl's Open Door Sessions Returns to Los Angeles

FOLLOW US

Facebook Instagram TikTok Twitter Soundcloud Youtube
EDM Identity

© 2025 All Rights Reserved

  • About Us
  • Contact
  • Team
  • Privacy
  • Accessibility

Cleantalk Pixel
No Result
View All Result
  • Home
  • News
  • Music
  • Events
  • Culture
  • Festival Tips
  • Interviews
  • Shop

© 2025 All Rights Reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.