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.
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.
Shares of Pandora Media Inc. fell $1.19, or 5.4 percent, to $20.78 in morning trading.