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Cox Enterprises, parent company of TV provider Cox Communications, has acquired ticketing startup Experience in a deal worth over $200 million, the company announced today.
Experience is a mobile-based ticket service that focuses on improving the live experience fans have when attending events like concerts, sports games, and more. The service allows fans to purchase upgraded seats while at the event, plus gives them access to other promotions and benefits. And those with season tickets can sell their seats through Experience’s platform, too. Experience has partnerships with a handful of professional sports organizations, including MLB and the NFL, as well as deals with Ticketmaster and LiveNation.
Presenting people at live events with the option to “upgrade” seems like a pretty sound business idea, and at $200 million Cox seems to agree. Event-goers have already splurged on tickets and may want to ensure they get the most out of an experience by paying a bit more for better seats or even access to a VIP room with a band.
The Experience acquisition is part of Cox’s overall strategy to grow a healthy stable of technology services. Earlier this year the company purchased the remaining stake in AutoTrader, which it will now roll into a newly announced entity, Cox Automotive. The company also has plans to bring high-speed Internet access to residences through Cox’s cable provider business. The company also set aside a $250 million fund last year to develop new tech startups, of which Experience was the first to grab funding from.
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