Pandora's portfolio and overall presence on the Internet just got that much stronger.
The top Internet radio company announced Wednesday, Oct. 7, that it has acquired Ticketfly for $450 million. Pandora's platform had already been used to help power ticket sales, but the purchase of the San Francisco-based ticketing company now allows it to own some of those ticketing transactions.
"This is a game-changer for Pandora—and more importantly—a game-changer for music," Brian McAndrews, Pandora CEO, said in a press release statement. "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 acquisition makes great business sense, considering fans listen to the artists they love—and discover new hitmakers they become fans of as well via Pandora—and then look for tickets to see them perform live with Ticketfly.
The acquisition serves as another way for Pandora to connect its listeners with their favorite artists. The Internet radio platform is even allowing artists to send audio messages to targeted loyal fans and those messages could also be used to help sell tickets with Ticketfly as well.
Ticketfly, a direct competitor of Ticketmaster, raised $50 million this past July. Last year, Ticketfly sold 16,000 tickets worth upward of $500 million, counting the Pitchfork Music Festival and Brooklyn Bowl amongst its top clients.
"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," Andrew Dreskin, Ticketfly's chief executive and co-founder, told the New York Times.
