Shortly following a giant $480 million investment from Sirius XM, Pandora have sold on ticketing company Ticketfly for a massive loss.
Ticketfly’s ticketing business has been sold on to Eventbrite, a much larger company cut from the same cloth. The sale comes 20 months after Pandora bought Ticketfly for $450 million, meaning Pandora have lost $250 million by selling to Eventbrite for $200 million.
Despite, or perhaps in part thanks to the reduced cost, the two companies say that they are working on a deal to broaden the selection of tickets available through Pandora. It’s possible that the sale of Ticketfly was part of a larger partnership between Eventbrite and Pandora, which would explain their majorly discounted sale, however no partnership has been suggested beyond their improved ticketing integration.
Pandora say they believe “that this type of commercial agreement is the best approach to ticketing, leveraging audience scale and targeting while minimizing the operational commitment”. Eventbrite will pay $150 million for Ticketfly upfront with a $50 million note for Pandora.
It was only last Friday that Pandora revealed a massive $480 million investment from Sirius XM, following rumours that they might be interested in an acquisition. Pandora’s sale of Ticketfly is expected to close in the third quarter of this year.