Lyte Ticketing Company Closes Amid Chaos

Lyte, a ticketing company based in San Francisco, has abruptly ceased operations, leaving concert promoters unpaid and thousands of tickets in limbo. The company's website has been down for several days, displaying a maintenance message, while founder and CEO Ant Taylor has resigned amid reports of financial mismanagement and operational disagreements following the acquisition of Festicket. Insiders claim the acquisition burdened Lyte with significant debts and led to competition with its own partners. Lyte, which launched in 2014 and raised approximately $53 million in funding, was known for facilitating fan-to-fan ticket exchanges but faced criticism for changing its business model to support ticket scalping. An emergency effort is reportedly underway to find a buyer to repay affected fans and promoters, as Lyte's shutdown has resulted in claims of hundreds of thousands of dollars owed. High-profile clients impacted include the Baja Beach festival and Pitchfork Music Festival.