LAKE FOREST, IL--(Marketwire - Nov 14, 2012) - Forward Market Media (FMM), together with ESPN and in conjunction with The V Foundation for Cancer Research, today announced a new ticket reservation system that will allow fans to set the price of entry into the 2012 Jimmy V Men's Basketball Classic Game. Available on jimmyvclassic.fantixauction.com, the system leverages FMM's proprietary ticket reservation platform to give the power to the fan -- allowing them to control how much they pay for a ticket into Madison Square Garden this year.
The Jimmy V Men's Basketball Classic is an annual event that showcases four of the nation's elite collegiate teams on the famous New York City parquet, while raising awareness for cancer research. This unique partnership with FMM enables college basketball fans to make their own call on the true value of a seat as the teams tip off on December 4, 2012. Powerhouses Texas and Georgetown will take the court first followed by a North Carolina State and Connecticut match-up.
Here's how a FanTix Auction(1) works: Let's say an event organizer makes available 1,000 tickets from a particular seating section to an event, like the Jimmy V Men's Basketball Classic, for bidding in the FanTix Auction starting at $40 (this is face-value plus a $10 service charge, which is the lowest acceptable bid for the ticket). Once the auction begins, fans from across the nation can go to the event website to place a bid for a "FanTix" to the game at whatever price they want. Once 1,000 bids have been placed (for each ticket available), the top bidder receives a ticket at the lowest FanTix bid price. For example, if 999 fans bid on their FanTix at somewhere around $100 but the 1000th fan bids only $40 for their FanTix (face-value), all 1,000 fans will receive a ticket into the Jimmy V Men's Basketball Classic for $40 -- the lowest price within the top lot of 1,000.
In addition, special team-specific Twitter hashtags will enable fans to closely follow the bidding to determine in real time what their ticket into the game will cost -- knowing it cannot be higher than what they bid. If a fan does not qualify as one of the top 1,000 bids, their FanTix will expire and its cost forfeited.
"The Jimmy V Classic has been a premier event in college basketball for a decade now and we are thrilled to be working with ESPN to help provide this unique opportunity for fans," notes Scott McKibben, CEO of Forward Market Media. "We kicked off the same system for ESPN's Champions Classic last week and watching how it enhances the fan experience and provides these guys affordable tickets is really incredible."
Forward Market Media's reservation platform is tested and proven -- all four BCS College Bowl Games are licensees of FMM. The 2013 Discover BCS National Football Championship Game Forward Market is also active with fans actively trading and buying tickets for the January 7th match-up at http://www.orangebowlteamtix.org.
(1) Based on a Vickrey Auction -- named after Columbia University Mathematician William Vickrey built to gives bidders an incentive to bid their true value
About the Jimmy V Men's Basketball Classic
Jimmy V Men's Basketball Classic presented by ESPN alongside the V Foundation for Cancer Research, one of the nation's leading cancer research foundations, showcases four of the nation's elite collegiate teams in a men's doubleheader, held at New York City's famed Madison Square Garden. In its 10th consecutive year, the event will tip off on December 4, 2012 at 7 p.m. ET with Texas vs. Georgetown followed by North Carolina State vs. Connecticut at 9 p.m., both on ESPN. The Classic culminates ESPN's annual "V Week" festivities. For more information visit http://www.jimmyv.org/events/jimmy-v-mens-basketball-classic/.
About Forward Market Media
Forward Market Media (FMM) offers unique online ticketing solutions that connect passionate fans and consumers with the events, products and content they value most. Through its proven Forward Market technology platform, FMM delivers entirely new, compelling, engaging, and entertaining ways for the world's most respected brands to reach and interact with their most ardent supporters. More information is available at www.go-forward.com.