IPod founder Tony Fadell has called the concert business a “tangled mess” after investing in London-based music and events ticketing platform DICE, which raised $122m (£89m/€104m) in Series C funding.
The round was led by investor SoftBank Vision Fund 2. Investments came from Fadell’s Future Shape, Blisce, French entrepreneur Xavier Niel, Cassius, Evolution and Mirabaud Private Equity.
Fadell, who invented the iPod, invested in DICE through his Future Shape company. He said: “The concert business is a tangled mess of archaic tools and taxing ‘industry standards’ where artists are paid last. Venues shell out for marketing and are beholden to ticket conglomerates.
“Fans have to hunt for shows and regularly buy overpriced tickets from secondary markets or scalpers. It doesn’t make sense.
“DICE re-engineers the entire live industry, not just a part of it. Venues are connected to fans and artists. Artists get transparency, access and control. Fans easily discover local shows and global live streams, and buy scalper-safe tickets with a single click. I’m ecstatic to be joining the DICE board and to be part of another entertainment revolution.”
Yanni Pipilis, managing partner for SoftBank Investment Advisors, added: “We believe DICE’s technology has the capacity to transform the future of live entertainment. Alongside the flexibility and security of seamless ticketing, the platform connects fans, artists and venues in a completely new way.
“We are excited to partner with DICE to help create remarkable event experiences for fans all over the world.”
Consumers are able to use DICE to discover and buy tickets to live and live stream shows, with clear pricing and refunds on sold out shows. There is also the ‘waitlist’ feature which means that venues are able to reach capacity.
Artists no longer lose out on ticket sales as the company also prevents the secondary resale of tickets through its mobile-first platform.
The new funding will aid in the hiring of new team members as well as adding to its live stream offering and implementing an artist development program.
Phil Hutcheon, chief executive and founder of DICE, said: “DICE is rewiring the live experiences industry. We have proven that if you treat fans well, they go out more. We’re overhauling an unfair, inefficient ecosystem that helps artists, promoters and venues thrive. To have SoftBank as a partner enables us to expand into every market.”
At the beginning of the COVID-19 pandemic last year, DICE recognised the demand for ticketed live streaming events. So far, the company has powered over 6,400 live streams.