Reports suggest Pandora Media, itself believed to be on the market, is to offload its strong-performing ticketing business in favour of a renewed focus on music streaming
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The internet radio platform will drive traffic to Ticketfly, which it bought last year, through "hyper-personalised" notifications to its nearly 80m users
By IQ on 28 Jul 2016
Pandora is to begin pushing concert tickets to its listeners, as the cash-strapped internet radio/streaming service seeks to use its purchase of Ticketfly to generate new revenue.
In an announcement yesterday, Pandora – which, it was revealed last week, recently turned down a US$3.4 billion offer to be acquired by Liberty Media, which owns a 34% share in Live Nation – said it will begin integrating “hyper-personalised concert recommendations” into its app and sending its 78.1m users a digest of nearby shows based on their listening habits. Users will then be directed to Ticketfly to buy tickets.
“Pandora is redefining the music experience, and that includes live events,” says Tim Westergren, Pandora’s founder and CEO. “There’s nothing like the magic of a live show, and there’s nothing worse than missing your favourite band because you didn’t know they were in town. Pandora and Ticketfly are solving that with personalised and effortless access to live, local events.”
“There’s nothing worse than missing your favourite band because you didn’t know they were in town. Pandora and Ticketfly are solving that with personalised and effortless access to live, local events”
Pandora acquired independent ticket outlet Ticketfly in October for $450m. Under Pandora ownership, the company has this year lured The Bowery Presents’ New York venues the Bowery Ballroom and Mercury Lounge away from Ticketmaster and the Riviera, Vic and Park West in Chicago from Etix.
Ted Cohen, a managing partner at tech consultancy TAG Strategic, tells Fortune the move towards concert discovery could provide “a significant and much-needed diversification of [Pandora’s] revenue streams”. The company has yet to turn a profit since floating in 2011, and posted a net loss of $76.3m in Q2 2016.
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