iLike nabs $13.3M from Ticketmaster, a marriage of reason
iLike.com, the iPod-compatible social networking and music discovery company we raved about previously has raised $13.3 million in financing from Ticketmaster.
Ticketmaster will own a 25 percent stake in the company.
This makes a lot of sense for both sides. iLike needs cash to expand, and Ticketmaster is more than an investor. Ticketmaster will provide iLike users information about events where their favorite bands are playing, and then sell them tickets. Presumably, this is good for users, though to be honest, we’re always irked when Ticketmaster is the only way a venue offers tickets, because the fees are inevitably high.
Ticketmaster is owned by IAC/InterActiveCorp, which has been upgrading its efforts to merge its various properties at Ask City with local maps, events and reviews .
Ticketmaster’s investment includes an agreement to let engage iLike consumers “with deeply-integrated music and event discovery services intended to drive ticket sales,” according to the company’s announcement, to be released tomorrow.
Previous investors in iLike include Khosla Ventures and Bob Pittman.
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About the Author, Matt Marshall
Matt launched VentureBeat in September of 2006, with the realization that no one else was covering the entrepreneurial and tech innovation scene with the velocity or depth that he was. Prior to founding VentureBeat, he covered venture capital for the San Jose Mercury News from 2001 to 2006. In 2002, Matt was awarded "Journalist of the Year" by the Northern California Society of Professional Journalists. Prior to working at the Merc, he was a correspondent for the Wall Street Journal in Bonn, Germany from 1995 to 1998, and a writer for the Washington Post in 1994. Matt holds a PhD in Government and an MA in German and European Studies from Georgetown University. In addition to VentureBeat, Matt is also the Executive Producer of DEMO, the leading launchpad event for emerging technologies.
