RadioandMusic
| 26 Feb 2020
Pandora to acquire ticketing platform Ticketfly for $450 million

MUMBAI: Pandora to acquire Ticketfly - a software which provides marketing and ticketing software to approximately 1,200 venues and promote events across North America. As of now, the deal is said to take place for a whopping sum of $450 million which is subject to certain purchase price adjustments, with a nearly equal balance of cash and stock.

“This is a game-changer for Pandora – and much more importantly – a game-changer for music. 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,” said Pandora CEO Brian McAndrews.

“Live music is booming, and we can grow the number of shows being staged and tickets being sold. Attending a live show is powerful, and we want to make it easier for all music fans to enjoy live music. By acquiring Ticketfly, we will bring live events more fully into the fold, enhancing the Pandora experience,” added McAndrews.

“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. 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,” said, Ticketfly co-founder and CEO Andrew Dreskin.

This deal will further enhance Pandora’s mission to help artists find their audience. Pandora’s 80 million reach will enable the promoters to sell more live shows. The deal will not only deepen the bond between fans and the artists but will also help the producers to improve their revenue model.