News - 17/07/2017

Warner Music buys Songkick concert-discovery assets

Warner Music buys Songkick concert-discovery assets

Gig-discovery startup Songkick merged with artist-ticketing firm CrowdSurge in 2015, raising $16m from investors including Access Industries in the process. Two years on they are now de-merging, with Songkick’s discovery app, website and trademark being sold to Warner Music Group – owner: Access Industries – leaving the ticket business as a standalone operation.

That’s a careful move: “The acquisition excludes Songkick’s ticketing business and pending litigation associated with the ticketing business,” announced WMG, referring to the ticketing firm’s legal action against Live Nation / Ticketmaster. WMG’s artist and label-services division WEA will now run the Songkick app as part of its direct-to-fan business.

The news comes a couple of weeks after filings to the UK’s Companies House registered Access boss Len Blavatnik as a ‘person with significant control’ of Songkick: specifying a stake of between 25% and 50% of the company’s shares. One question now is what kind of ticketing partnerships WEA will do on behalf of the Songkick app.

Source: Warner Music – http://tinyurl.com/ycufcckq

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