Pandora has been reevaluating its strategy as it faces increased competition from streaming services such as Spotify and Apple Music, launching its own streaming service earlier this year. Now, a report from Bloomberg claims that as the company continues to invest in streaming, it is looking to offload its Ticketfly business…
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Pandora acquired Ticketfly two years ago for $335 million with the goal of increasing ticket sales thanks to the listener data it collects from users. The company described the acquisition as a “game-changer” at the time. Nevertheless, the company is now shopping the business around as it mulls the idea of selling.
Today’s report also notes, however, that Pandora is still looking for a buyer for the entire company. The idea of selling Ticketfly separately is more of a fallback if the company can’t find a buyer willing take everything.
The online-radio provider is still looking for a buyer for the entire company, but a sale of the ticketing business could be an option if that doesn’t happen, said one of the people, who asked not to be identified discussing private information.
Pandora launched its Apple Music competitor Pandora Premium earlier this year, though the company is still looking to increase competition with Apple and Spotify. As for what the future holds, we’ll just have to wait and see.