NEW YORK (Hypebot) – Pandora has acquired independent ticketing company Ticketfly. It's a move that diversifies the music streamer's portfolio within the music vertical, and it could also be goods news for artists and promoters offering direct access to Pandora's 80 million monthly users.
Pandora (NYSE:P) has entered into an agreement to acquire Ticketfly for $450 million in cash and stock.
Ticketfly is one of the largest independent ticketing platforms, serving 1,200 venues and event promoters across North America. In 2014, Ticketfly sold 16 million tickets to more than 90,000 live events, generating more than $500 million in transactions.
While a significant player, Ticketfly is a David next to the events ticketed by Ticketmaster; and Songkick and Bandsintown already deliver a more diverse portfolio of tickets to many major music sites.
For Pandora, the acquisition is its latest step toward achieving its mission "to help artists find their audience and help listeners find the music they love—whether it’s coming through their earbuds or live on stage." The companies will also combine data to create new tools to increase revenue for musicians and improve fan recommendations.
“This is a game-changer for Pandora – and much more importantly – a game-changer for music,” said Brian McAndrews, CEO of 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.”
The deal diversifies Pandora's business, which could please Wall Street, and the deal certainly strengthens Ticketfly's pitch to promoters – direct access to 80 million music users.