Yes, you must be there before 10 PM if you want to use the ticket that cost you $7. I do not think there will be any tickets left after today. At 10 pm they will start letting people from the outside line into the venue, until they are at capacity. I plan on getting there around 9:45 PM so I dont need to worry. I doubt many people in the line get in.
The ticket is also signed on the back, so people cant make duplicates for their friends. I am glad they are doing tickets, it very well could have been ticketless.