How does a powerhouse internet radio station compete with those powerhouse businesses that make money off of live music? Simple, get in on the same business and make a name for yourself.
On Wednesday (Oct. 7), it was confirmed that Pandora Media had acquired Ticketfly, a somewhat competitor to Live Nation and Ticketmaster. The acquisition of Ticketfly reportedly cost the media company $450 million in cash and stock. Though Ticketfly is not as popular or widely known as Ticketmaster or Live Nation (Live Nation and Ticketmaster sold 184 million ticket in 2014 while Ticketfly sold 16 million in the same year), the latter sells tickets to concerts and other types of events for about 1,200 different venues and festivals including the Pitchfork Music Festival and hipster paradise, Burning Man.>
“This is a game-changer for Pandora – and much more importantly – a game-changer for music,” said Brian McAndrews, chief executive officer at Pandora. “Over the past 10 years, we have amassed the largest, most engaged audience in streaming music history. With Ticketfly, we will thrill music lovers and lift ticket sales for artists as the most effective marketplace for connecting music makers and fans.”
“Pandora’s entry into live events is a watershed moment for the music industry and will forever change the landscape for artists, promoters and fans,” said Andrew Dreskin, co-founder and chief executive officer of Ticketfly. “Ticketfly and Pandora are a perfect fit: two companies that are extraordinarily passionate about music and improving the experience for the entire ecosystem. The combination of Ticketfly and Pandora will be a marketing and event discovery powerhouse, giving venues and promoters unprecedented access to a massive and targeted audience of nearly 80 million music fans.”
This isn’t Pandora’s first major purchase in 2015. Back in May, the company purchased Next Big Sound, a music data service that tracks the popularity of songs online and in social networks.