$150m for ‘for-sale’ Pandora as Ticketfly up 25%
The loss-making streaming service is rumoured to be looking for a buyer within the next 30 days, as its Ticketfly ticket agency posts another quarter of strong growth
News By IQ | 10 May 2017
Ticketfly’s turnover increased 25% in the first financial quarter (Q1) of 2017, with ticketing once again proving the most consistent source of growth for troubled parent company Pandora.
Pandora’s ‘ticketing service’ revenues grew to US$27.8 million, roughly 9% of the internet radio/streaming giant’s total turnover of $316m – which grew 6.3% year on year, although losses also widened from $115.1m to $132.3m.
Primary ticketing platform Ticketfly, founded by Andrew Dreskin (ex-TicketWeb), grew revenue 25%, to $86.6m, in 2016 – its first full year as a division of Pandora Media.
The release of its latest set of financials comes amid the injection of $150m of new capital into Pandora by private-equity firm KKR (the same company which helped finance William Morris’s acquisition of Ultimate Fighting Championship). “We are excited to…
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