It’s a battle in the music industry and the leading Internet radio company has acquired a new tool to diversify its platform. Pandora announced on Wednesday that they purchased Ticketfly for $450 million in cash and stock.
This will allow listeners to find live music events catered to what they are listening to.
CEO, Brian McAndrews explained in a released statement, “This is a game-changer for Pandora – and much more importantly – a game-changer for music. Over the past 10 years, we have amassed the largest, most engaged audience in streaming music history. With Ticketfly, we will thrill music lovers and lift ticket sales for artists as the most effective marketplace for connecting music makers and fans.”
On their unique music model, “Over time, clearly people prefer what Pandora does. It’s important to know that there are two ingredients,” CEO co-founder, Tim Westergren said. “A big part of Pandora is the music genome project — that’s a hand-built database. They spend days with headphones on, listening to songs and manually tagging them.”
With Ticketfly under their belt, this will allow Pandora to own the transaction from artist messaging, a new feature that lets artist speak directly to fans on the streaming radio service, to ticket purchase. This will give Pandora additional data that can enhance the music and concerts recommended to listeners.
“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 McAndrews.