Pandora’s ticket business Ticketfly is on the chopping block as it looks to focus on its Premium streaming service, according to Bloomberg sources.
The internet-radio-giant-turned-streaming-competitor purchased Ticketfly in October 2015 for US$450M. It was seen as an impressive move at the time to cover more of the music experience and keep the user engaged for longer. It also offers artists a one-stop-shop where they can take listener data to map out their tour dates and sell more tickets.
But as Pandora prepares for that rumoured company sale, it needs to compete with the growing behemoths that are Spotify and Apple Music.
Ticketfly arguably hasn’t proven its worth, so a sale could recoup some of the loss Pandora has felt from the purchase and show prospective buyers its focus is on competing with the market’s major players.
It should be noted here that Pandora posted first quarter revenues of US$316 million with a quarterly net loss of US$132.3 million. It’s received a helping hand since though with financing giant KKR pumping US$150M into Pandora as a strategic investment.
TIO has reached out to Pandora for comment, but we’re not hopeful. The service has declined to comment to other media regarding Ticketfly.