Last year Pandora Media Inc (NYSE:P) spent $450 million in acquiring ticketing firm Ticketfly. The online radio giant is not stopping at this given its detailed plans to give its listeners a new experience. Fans and artists will be exposed to a simpler way of discovering live music which includes the use of hyper-personalized concert notifications. It will no longer be a struggle to know when favorite music bands are in town. There will be an integration of show recommendations into Pandora’s app that will give users highlight of the latest shows that are of interest to them.
Diversification of business for Pandora
Diversification of business is one of the many streams of increasing revenue probably the reason Pandora has chosen on it hence the Ticketfly integration. The company may not have reported any profit since its 2011 initial public offering, but the new move may turn things around sooner than expected.
Music fans will also have everything to gain according to Ted Cohen, Managing Partner of TAG Strategic. They will have a seamless and elegant way of connecting or keeping track on their favorite artists live on stage. There is already existing competition from Spotify, which suggests concerts for users. However, Pandora’s founder and chief executive officer Tim Westergren say that the company will do anything possible to fit into the competitive industry.
Pandora is doing much more behind the scenes
The entertainment industry is growing. With the rapid entry of new products and services, the competition is becoming stiffer, and only the solid entertainment firms will survive. Pandora and Ticketfly’s aim is to provide personalized and effortless access to live and local events which will probably give Pandora a better market position.
Being the world’s most powerful music discovery platform, the company is focused on delivering new experiences in music streaming. Pandora is also out to empower artists with its valuable data and tools that will propel the growth of their careers.