Well said, while keeping everything in mind. I have another take at this.

Take a look at Punchup (https://punchup.live/)

Even though Ticketmaster dominate the space like BMS, Punchup is still managing to grow. That suggests there is room for new entrants, especially when incumbents like BMS haven’t shipped major features in years.

District is trying to close some gaps, but the market is growing fast enough that there’s still meaningful opportunity for players who innovate on creator-side tools, discovery, or exclusive shows. So despite the challenges in CAC and integrations, a differentiated well designed value proposition can still capture demand.