Ticketing and event management company Eventbrite’s purchase of Ticketfly last year came at a discounted price of $184m, according to the Billboard website.
Eventbrite last year purchased Ticketfly from Pandora in a deal that at the time was reported to be worth $200m.
However, the sum Eventbrite actually paid was $184m after it reached an agreement with Pandora to settle a promissory note that dropped the price, according to Billboard.
The sum represents a significant drop-off from the $335m Pandora bought Ticketfly for in October 2015.
Last week, Eventbrite stated that it was anticipating strong growth in the fourth quarter after posting double-digit increases in key financial metrics in its first trading update since floating on the New York Stock Exchange.
Eventbrite reported a net loss of $35.6m for the three months through to the end of September, nearly half of which was credited to anticipated stock-based compensation. Sales, marketing, product development and administrative costs related to going public also increased.
However, gross profit rocketed by 42 per cent year-on-year to $42.2m on the back of a 45 per cent increase in revenue to $73.6m, while paid ticket sales surged by 32.2 per cent to $23.9m. Adjusted earnings before interest and deductions improved from $1m to $11.2m.
Net revenue of between $72m and $74m is anticipated for the final quarter of the year, representing a 16.4% rise year-on-year, according to chief financial officer Randy Befumo.
Earlier this month, Eventbrite launched Eventbrite Music to better capitalise on the visibility of its brands as it begins to sunset the Ticketfly platform.
Image: Eventbrite
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