Singing a different tune, Pandora plans to buy Ticketfly for $450M

From CNET: Long a solo act, Pandora is ready for a duet.

The Oakland, California, Internet radio company agreed to buy online ticketing agent Ticketfly for $450 million split nearly equally between 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," Pandora Chief Executive Brian McAndrews said in a statement Wednesday.

The deal will be transformative for Pandora as it gets the company into an entirely new business, allowing listeners to buy concert tickets through its online music service. Pandora currently relies solely on streaming music for its revenue and has struggled to turn a profit as it pays out royalty fees. Ticketfly will usher Pandora into live events, a bright spot in the music business. North American concert ticket sales have grown 22 percent since last year, according to Pollstar, which estimates the industry at $6.2 billion.

For music fans, the idea is to get closer to the artists they've discovered on the most popular online listening tool. "The combination of Ticketfly and Pandora will be a marketing and event discovery powerhouse," Ticketfly CEO Andrew Dreskin said.

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