Ticketek Parent TEG Reportedly Begins Business Restructure

Ticketek Entertainment Group (TEG), the parent company of Ticketek, has reportedly begun a restructuring and cost-cutting initiative following the loss of two major ticketing contracts.

According to the Australian Financial Review, the changes are being led by recently appointed CEO Cameron Hoy, who took over the role on June 1. Hoy succeeded Brad Banducci, who joined the company last year after longtime CEO Geoff Jones moved into the role of chairman. TEG is owned by private equity firm Silver Lake.

In an email to staff obtained by the Australian Financial Review, Hoy said the company has been reviewing its business strategy and organizational structure ahead of the next financial year.

“Since stepping into the CEO role, I have been working closely with the senior management team to develop our FY27 strategy and assess our operating model to ensure it is fit for purpose as we head into the next financial year,” Hoy wrote.

“It is against that backdrop that I want to share some changes. The combination of challenging market conditions across our industry and a clear objective to refocus on our core strengths means we need to simplify our operating model to support the long-term success of TEG.”

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According to the report, some positions will be restructured as part of the review. A source familiar with the matter told the publication that approximately 42 employees in Australia and two employees in the Philippines will be affected, representing about 5.5% of the company’s workforce.

The reported restructuring follows the loss of two high-profile ticketing agreements over the past year. Ticketek lost the Venues NSW contract to Ticketmaster, ending its role as the ticketing provider for Sydney Cricket Ground, Accor Stadium, CommBank Stadium, Allianz Stadium and Penrith Stadium.

More recently, AXS was awarded the Melbourne Parks ticketing contract, which includes events at Rod Laver Arena, AAMI Park, John Cain Arena and Margaret Court Arena.

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The reported changes come during a period of broader transformation across TEG.

Earlier this year, the company announced that TEG Live had transitioned to a platform business model that allows promoters to operate independently while using TEG’s technology and support services. At the time, TEG also identified country music as a key area for growth and announced plans to open a Nashville office.

The company has also made several leadership appointments as it continues to expand its ticketing business. Melvin Koh was recently named general manager of ticketing for Asia, where he will oversee efforts to accelerate the company’s growth across the region.

Amy Mackie also joined TEG as managing director of ticketing, overseeing ticketing strategy and operations across Australia, New Zealand, Asia and the United Kingdom.

The reported restructuring marks one of the first major initiatives under Hoy’s leadership as TEG looks to streamline its operations and position the business for the future.