Eventbrite’s acquisition of Ticketfly from Pandora has meant that 25 per cent of the staff at the purchased company will lose their jobs as the two firms integrate.
As reported by Amplify magazine, Eventbrite has announced that it will be absorbing 75 per cent of Ticketfly’s employees, while the remainder will be made redundant.
“As we work to bring Eventbrite and Ticketfly together, we have been thoughtfully addressing duplicative resources,” a statement from Eventbrite reads. “It’s unavoidable to combine two companies of our size and not have some level of redundancy.
“After a careful talent analysis across both organisations, we notified some Ticketfly employees earlier this week that they have been impacted. While it’s never easy to say goodbye to colleagues, we sincerely appreciate the hard work and contribution each person made to the Ticketfly business. We have retained the vast majority of the Ticketfly team to ensure we have the collective experience and expertise to best serve our customers.”
According to Amplify magazine, while the exact number of people affected is unclear, it is estimated that Ticketfly employed around 150 to 200 people.
The combination of the two companies is thought by some to be the most viable alternative to Ticketmaster for small and mid-level concert and event producers. The “game-changing” $200m (£155m/€180m) deal, which was completed earlier this month, is less than half the $450m Pandora paid for it just two years ago, despite Ticketfly consistently recording double-digit surges in revenue.
Under the terms of the deal, Eventbrite and Ticketfly said they plan to deliver a market-defining solution for independent venues, promoters and festivals, and are expected to process more than 200 million tickets globally, generating approximately $4bn in gross ticket sales this year.
Eventbrite has ticketed more than 175,000 concerts and music festivals helping them sell more than $1bn in tickets since inception. It said it is on track to process close to 200 million tickets worth $3bn in gross ticket sales in 180 countries in 2017.
Ticketfly will continue to partner with Pandora to support its live events through the app and enable its promoters to automatically reach more fans and sell tickets in a highly-targeted way.