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Pandora is taking its music streaming service into new territory with the announcement that it plans to acquire ticketing company Ticketfly.In the battle for music streaming market share, Pandora is branching out “beyond its internet radio roots” with the acquisition, as it seeks to gain advantage over a host of competitors, including Spotify and Apple Music.
Ticketfly provides ticketing and marketing software for approximately 1,200 venues and event promoters across North America, with Pandora stating the combination of the two “will solve the long-standing problem of event discovery by seamlessly connecting Pandora’s nearly 80 million monthly active music fans to events they’ll love”.
The transaction is valued at approximately US$450 million in cash and stock.
“This is a game-changer for Pandora – and much more importantly – a game-changer for music,” Brian McAndrews, Pandora chief executive officer, commented.
“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.”
Andrew Dreskin, Ticketfly co-founder and chief executive officer, described Pandora’s entry into live events as a “watershed moment for the music industry”.
“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,” Dreskin commented.
