Endeavor-run biz acquires dynamic ticketing firm
WME parent company Endeavor has acquired Qcue, a software developer for dynamic ticket pricing in the live events industry.
Terms of the deal, which was made through Endeavor’s experiential events firm On Location Experiences (acquired in early 2020), have not been disclosed.
According to The Hollywood Reporter, Qcue’s technology, which helps rights holders optimise ticket pricing and maximise sales based on market demand, will be integrated into On Location’s suite of hospitality offerings.
On Location offers corporate clients and others fans access to marquee events like the Olympic and Paralympic Games, Super Bowl, NCAA Final Four and New York Fashion Week. Its overall list of 150 entities also includes artists and festivals, such as Coachella and Bonnaroo, as well as unique experiences owned by On Location.
Qcue, founded in 2007, provides sports teams and entertainment outfits with ticket pricing, analytics, data visualisation, inventory management and efficiency tools.
“[The deal will bring] top-of-the-line dynamic pricing technology and a stellar team of ticketing experts in-house”
Its clients include Major League Baseball teams, college athletic departments and Australian Football League teams. The company will continue to operate out of its headquarters in Austin after the deal has closed.
In announcing the deal, On Location estimated that Qcue has made more than 35 million price changes, generating more than $300 million in incremental revenue for its partners.
“We are thrilled to join forces with Qcue, bringing top-of-the-line dynamic pricing technology and a stellar team of ticketing experts in-house,” On Location CFO Jon Lavallee said in a press release. “Together, we will optimise On Location’s approach to ticketing and pass that benefit on to our valued partners.”
Along with On Location, Endeavor also owns the IMG sports agency and the Ultimate Fighting Championship (UFC).
The company posted a small profit of US$2.4 million in the first quarter of 2021 – the firm’s first since becoming a public company in April.
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Endeavor confirms On Location acquisition
Endeavor has confirmed the acquisition of a majority stake in On Location Experiences, a luxury hospitality firm formerly part of the US’s National Football League (NFL).
The deal, reportedly worth US$660 million, sees Endeavor – the parent company of global booking agency WME Entertainment, among others – acquire On Location from its current owners, RedBird Capital Partners, Bruin Sports Capital, the Carlyle Group and 32 Equity. The NFL remains a minority shareholder through 32 Equity.
News of the acquisition was first reported last September, ahead of Endeavor’s ultimately scrapped initial public offering.
“By bringing together a leader like On Location with Endeavor’s access and reach, we can advance the way consumers and brands think about money-can’t-buy experiences,” says Ariel Emanuel, CEO of Endeavor.
“Partnering with the NFL will enable us to leverage the best-in-class executions around one of the biggest events in the world, the Super Bowl, and extend this same level of service and experiences to other sports and entertainment properties globally.”
“Together […] we can advance the way consumers and brands think about money-can’t-buy experiences”
On Location organises experiences for both corporate clients and fans around major sports and entertainment events, including the Super Bowl Music Fest, which last year featured Cardi B, Bruno Mars and Aerosmith.
“We are excited to partner with Endeavor to grow On Location Experiences globally,” comments NFL commissioner Roger Goodell.
“We are committed to offering NFL fans unique and first-class experiences at our events. On Location shares this commitment and delivers value for its partners and delights fans at events around the world.”
The new Endeavor-owned On Location Experiences will be led by president Paul Caine, formerly of Bloomberg, Time Inc. and Westwood One.
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