We all know that Pandora is an online radio service, but the company is will soon be selling concert tickets. It won’t be starting from scratch. Instead, Pandora has acquired an established ticket selling service called Ticketfly. The acquisition was announced today and Ticketfly says that this will bring about the creation of the “most powerful fan analytics platform in the world for venues, promoters, and artists.”
Pandora has over 80 million monthly active users, but even so they have a hard time turning a profit, so this makes sense. The ticket selling business seems like a perfect fit. The profit margins will be higher than just serving advertisements to users. So the company has a real shot at generating profits, maybe for the first time ever.
So Pandora will now begin selling a greater number of tickets directly. They recently dipped their toes in the water in fact, selling 55,000 tickets for a Rolling Stones tour in just 24 hours, and 25,000 tickets for ODESZA. I guess they liked what they saw and think they have an opportunity.
We don’t know the official terms of the acquisition, but word is that Pandora may have paid as much as $450 million to acquire Ticketfly. They obviously see a value.
Source UbergizmoFiled Under: Technology News