Now Even Music Industry Ignoring MySpace

Hot social startup Ticketfly won't promote on traffic-losing site

Further evidence that MySpace is rapidly drifting out of relevance: It’s even being abandoned by services catering to music acts, which were among the site’s early adopters and once-core traffic creators.

The latest nail in MySpace Music’s coffin is the rise of music ticketing startup Ticketfly, which promotes and sells tickets for live concerts using social media platforms, but which has almost zero interaction with MySpace, according to founder Andrew Dreskin. 

“The music industry is revolving around Facebook and Twitter at this point. MySpace is pretty much an also-ran for what we do,” he said.

What Ticketfly does, exactly, is follow recent conventional wisdom that every online interaction should be made social. The company was formed to fill what it saw as a gap in the offerings of Ticketmaster and its subsidiary Ticketweb, the latter a company that Dreskin and his colleagues sold to Ticketmaster in 2000 for $35 million.

Ticketfly, which has been adopted by venue operators like Knitting Factory Entertainment and festivals like Austin City Limits, offers ticketing, social marketing, website management, email promotion, and mobile tools to venues through an integrated platform. Ticketmaster partners, in contrast, must manage transactions and promotions on separate platforms and for now get no help with social media promotion.

Ticketfly revenues come via partnership deals with venues and promoters as well as fees it charges on ticket sales and says it saw revenue growth in excess of 100 percent last year. The company expects to sell 2.5 million tickets this year and estimates it sells roughly 3.25 tickets for every Facebook or Twitter "share" it generates. On Tuesday Ticketfly announced a $12 million Series B round of venture backing from Mohr Davidow Ventures, with participation from High Peaks Venture Partners, Contour Venture Partners, Roger Ehrenberg, and Howard Lindzon. The company’s Series A round raised $3 million. 


Publish date: April 20, 2011 © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT