NEW YORK (AP) — Streaming music company Pandora says it will buy Ticketfly for $450 million in a move that takes the company beyond music sharing and into ticket sales and marketing.
Pandora runs a free music streaming service and says 80 million people use Pandora to listen to music every month. The Oakland, California-based company went public in 2011 and reported $921 million in revenue in 2014, mostly from selling ads, but it has yet to report an annual profit.READ MORE: Pfeiffer Falls Trail Damaged In Big Sur Wildfire To Reopen After 13-Year Closure
The companies say Ticketfly sold 16 million tickets to 90,000 events last year, with the value of those tickets surpassing $500 million. They added that 14 million people visit Ticketfly’s sites each month.READ MORE: COVID: Get Vaccinated, Win Trips, Prizes, Free Food And Discounted Sports Swag
Shares of Pandora Media Inc. fell $1.19, or 5.4 percent, to $20.78 in morning trading.MORE NEWS: COVID Recovery: Levi's Stadium Mass Vaccination Site To Close On June 24
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