Afterpay says its new partnership with Ticketek is part of its strategy targeting millennials and Gen Z

• Ticketek will be the first ticketing platform to integrate with Afterpay.

• It comes as Ticketek prepares for live entertainment to return following coronavirus restrictions.

• Afterpay said the integration fits with the company's strategy, as millennials and Gen Z are passionate about entertainment.

• Visit Business Insider Australia’s homepage for more stories.

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Ticketek is going to be the first ticketing platform in the world to offer buy-now, pay-later service Afterpay.

Afterpay will be integrated on Ticketek's website and app in the coming months, so you'll be able to pay for your tickets in four equal fortnightly payments. Your seat will be secured with the first payment.

The move comes in the lead up to live entertainment coming back to Australia as coronavirus restrictions continue to ease.

"As we work on plans for the safe return of live entertainment in Australia, one of the best things we can offer fans is greater choice in how they secure tickets to future events," TEG and Ticketek CEO Geoff Jones said in a statement.

"Ticketek with Afterpay does just that and we are thrilled to have partnered with Afterpay to offer this world-first to Ticketek fans."

The coronavirus pandemic led to a ban on large public gatherings, which ultimately led to cancellations of live entertainment and arts events around the country like Dark Mofo in Tasmania and Sydney's Vivid Festival.

Several live performances have also been postponed such as Short Stack and Tame Impala's shows.

Milennials and Gen Z are interested in liv entertainment

Afterpay CEO Anthony Eisen highlighted the company's research which found that only 41% of millennials use a credit card, with other reports showing that it's even less for Gen Z. And this has reinforced Afterpay's decision to integrate into a ticketing platform.

"We expect good take up from fans once big shows and events go back on sale," he said in a statement.

An Afterpay spokesperson told Business Insider Australia via email the company is guided by its customers when it selects which industries would be a good fit for its offering.

"Ticketing and entertainment is an area that Millennials and Gen Z have a strong passion for and interest in, so it makes sense for Afterpay to partner with a fellow Australian business to bring a buy now pay later solution to the ticketing industry," the spokesperson said.

"Australian customers will soon have the ability to purchase tickets via Ticketek for gigs being scheduled as COVID-19 restrictions are lifted and have the flexibility to pay for them in four fortnightly, interest-free instalments prior to the event," the spokesperson added.

"Given the majority of Ticketek customers are Millennials and Gen Z, who are using credit cards a lot less, this partnership will give our customers more power in how they manage their discretionary budget."

Asked whether Afterpay will be rolling out across other ticketing platforms, the spokesperson added, "Ticketing and entertainment is a natural fit for Afterpay, both here in Australia and internationally."