OAKLAND, Calif.�Pandorahas entered into an agreement to acquire live events technology companyTicketfly, Inc.
According to a press release from Pandora, the transaction is valued at approximately $450 million, subject to certain purchase price adjustments, with a nearly equal balance of cash and stock.
�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.
The integration of Pandora and Ticketfly will more directly connect listeners to concerts and other artist events, as well provide �data to create new tools for music makers to increase their revenue and improve recommendations for fans,� the company said.
�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,� Andrew Dreskin, co-founder and CEO of Ticketfly, said in the announcement. �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.�
Founded in 2008, Ticketfly provides ticketing and marketing software for approximately 1,200 venues and event promoters across North America, and the Ticketfly platform supports 600 websites. In 2014, Ticketfly sold 16 million tickets to more than 90,000 live events, generating more than $500 million in transaction volume and crossing the $1 billion mark in cumulative transaction volume.
This move comes a year after the streamer launched its Artist Marketing Platform, and earlier in 2015 the company enabled artists to address fans directly through recorded Artist Audio Messages. Pandora also recently acquired Next Big Sound to generate even more insights into artists, their fans and music trends.