Pandora expands into live events with $450M purchase of Ticketfly
Pandora agreed to buy ticketing platform Ticketfly in a deal valued at $450 million that now brings “live events more fully into the fold,” the company said Wednesday.
The acquisition gives Pandora a more diverse portfolio, setting up the digital-focused company as an all-around music platform that connects fans, artists and now event promoters.
“This is a game-changer for Pandora,” said Brain McAndrews, CEO of Pandora (P). “Live music is booming, and we can grow the number of shows being staged and tickets being sold.”
Ticketfly, started in 2008, provides ticketing and marketing software to about 1,200 venues and event promoters across North America. Their roster includes venues like Brooklyn Bowl, which has locations in New York, Las Vegas and London. Ticketfly sold 16 million tickets to more than 90,000 live events last year. It has volume but is still dwarfed by behemoths like Ticketmaster and its parent company Live Nation (LYV).
Pandora has been positioning itself as “the leading data-enabled marketplace for artists and fans,” and the latest purchase will help push that vision forward by providing a real connection between song discovery and live events, which accounts for about 80% of artists’ total revenue.