Live Stream Ticketing Platform DICE in Talks to Sell Major Stake
Written by rhythm86 on July 16, 2024
London-based ticketing platform DICE is negotiating to sell a major stake, potentially valuing it at hundreds of millions. The buzz follows an approach by a potential buyer, with major investor SoftBank eager to cash out.
DICE’s growth trajectory is impressive, boasting over 55,000 artists and 10,000 venues on its platform across 30 cities in 2023. The company’s live events business is thriving, and they’ve just rolled out a new marketplace on their app. This innovative move is projected to boost event revenue by 30%, with DICE Extras being the first product to hit the marketplace.
In 2021, DICE raised $122 million from its Series C round led by SoftBank Vision Fund 2, drawing investment from notable figures like iPod inventor Tony Fadell’s Future Shape, and French entrepreneur Xavier Niel. The latest funding round in August 2023 saw the company securing $65 million, led by MUSIC, with investors like Structural Capital and Kobalt Music’s Willard Ahdritz joining in.
“The live music industry is adopting DICE faster than ever and proves our thesis that if you treat fans well, they buy more tickets, and go out more often. We’re investing heavily in building even more technology and this year alone we released over 60 new features for fans, venues and artists,” Phil Hutcheon, CEO and Founder of DICE, said in August 2023.
The Ever-Changing Landscape of Live Events
The sale talks are reportedly attracting interest from at least three private equity firms. This development aligns with a broader resurgence in the live events sector, where deals are happening left and right. Last month, KKR bought Superstruct Entertainment for €1.3 billion, and Blackstone acquired a minority stake in Ambassador Theatre Group.
DICE has been making strategic moves, like launching Merch on DICE in 2021 for artists’ limited-run product drops and acquiring the livestreaming platform Boiler Room in October 2021. These steps solidify DICE’s position as a major player in the live events and ticketing landscape, even as they face competition from giants like Ticketmaster and CTS Eventim.
With the live events industry buzzing, DICE’s potential sale marks a significant moment in the ever-evolving music and events landscape.
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