EXCLUSIVE: Ticketing Company Showbiz Enters Administration

Premium music and events ticketing company Showbiz has entered administration today, with administrators seizing control of the company this morning.

The company works across major music tours as well as music theatre and major events. Having sold premium tickets for recent tours by Eminem, Bon Jovi, Steel Panther and Lionel Richie amongst other, they current client list includes Vivid LIVE, Soulfest, Wicked, Grease The Musician, Andrea Bocelli and others.

The Showbiz website has had an error message present all day and the Australian Securities & Investment Commission listing for Showbiz International Pty Ltd indicates that the company lodged a 505 document – a notice of appointment of an external administrator – today.

Administrators from PFK Lawler have now taken control of the company and its assets – potentially including any cash holdings from ticket sales – while they assess the next plan of action. The company will continue trading while under the administrators' control.

UPDATE: PFK Lawler's Bradley Tonks has told theMusic.com.au that the decision to enter administration was one taken by the company themselves and that they hoped to rescue the company.

“This was the decision that the company's board made, it wasn't forced upon them,” he said.  

Showbiz has “faced challenges in recent times and they'd had discussions in recent times with parties about potential transactions, Tonks said. PFK Lawler are now set to go about, “Talking with those interested parties about potential re-structuring processes.”

The first steps of the administration process were taken today and following the “urgent assessment” they hope to be able to provide more information to clientele in the net few days.

Initial discussions with promoter had been “favourable”, he said.

Showbiz's Managing Director Simon Challenor was unable to comment to theMusic.com.au this afternoon.

Soulfest's VIP side-of-stage tickets were set to be released this morning through Showbiz, but they have now advised fans on Facebook that due to the company's website being down they will now be released through their own site from 9am Monday.

Information on ticket sales for other events is unavailable at this time.

The premium ticket market has been increasingly competitive in the last 12 months, with Telstra's BangTango enduring its own issues and an ACCC case with venue management AEG Ogden, which is understood to have come down in favour of the venue firm.

Story updated 6.40pm with comments from Bradley Tonks