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’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.