Ticketmaster Buys Stake in Music Site iLike.com
Ticketmaster has bought a 25% stake in a music-oriented networking Web site in a deal that seeks to generate exposure for the ticket-selling giant among independent music fans.
Ticketmaster invested $13.3 million in iLike.com and signed a commercial agreement that allows the West Hollywood, Calif.-based company to reach iLike users through features on the site, both companies said late Tuesday. Details were not disclosed.
Seattle-based iLike enables users to share music recommendations and discover new artists through its Web site and optional add-ons compatible with Apple iTunes and MySpace.
"With our investment in iLike.com, we look forward to a series of integrations that will introduce live events and ticket-purchase opportunities within the iLike music discovery process," Sean Moriarty, Ticketmaster president and chief operating officer, said in a statement. Under the deal, Moriarty joins iLike's board of directors.
iLike is an offshoot of Garageband.com, another music site devoted to providing independent artists a forum to attract listeners and record contracts.
The deal aims to expose Ticketmaster customers to new music, while giving iLike users information on upcoming concerts, iLike executives said.
"Closing the gap between the online music experience and the real-world concert experience will benefit both consumers and artists," said Ali Partovi, chief executive of privately-held iLike.
Shares of IAC/InterActiveCorp. , the Internet conglomerate that owns Ticketmaster, fell 4 cents to $36.45 in after-hours trading Tuesday on the Nasdaq.