Market Overview

Pandora Just Launched Its Ticketfly App, And It's Exciting Investors

Pandora Just Launched Its Ticketfly App, And It's Exciting Investors

Pandora Media Inc (NYSE: P) has seen some recent volatility, down roughly 38 percent over the past one year and roughly 24 percent since January. However, the tides may be turning for the music media giant.

Due in large part to its newly launched Ticketfly app, Macquarie Research analyst Amy Yong sees significant growth from "several lanes."

Macquarie Research: Outperform Rating, Price Target At $14

"This platform could create several lanes of growth including an already identified US$300 million ticketing and sponsorship opportunity," Yong stated in reference to the Ticketfly app. If successful at penetrating these two segments, Ticketfly could be worth ~US$1.50/share."

Related Link: Pandora Could Benefit From A Weakening Economy

Yong elaborated upon six catalysts for Ticketfly success, each building upon the positive initial feedback:

  • 1. City-By-City Curation: "Events are organized through a series of colored tiles representing 16 major cities. Customers can easily search and discover new events."
  • 2. Easy To Use: "Customers can purchase tickets in a few easy taps, eliminating the very common load and wait time on competitor apps. Additionally, a press and hold feature eliminates accidental purchases."
  • 3. Paperless: "Ticketfly's app saves all purchased tickets and allows customers to pull up bar codes for easy access and entry into events. We view this convenient feature as an added incentive for customers."
  • 4. Unsold Ticketing Results In Increased Potential: "(Forty percent) of all live music tickets go unsold: Leveraging Pandora's platform as well as improving search and discovery functions could boost utilization. Pandora could increase ticket sales and volume by strengthening Ticketfly as a ‘go-to' platform."
  • 5. Live Events Opportunity Growth Ahead: "The live events opportunity could reach US$300 million in the next five years."
  • 6. Abundant Additional Opportunities: "There are other in-venue and ancillary revenue opportunities in the US$7.2 billion North American live music industry."

Yong concluded, "Pandora's quick turnaround of TF (Ticketfly)'s assets leaves us looking forward to future ticketing growth," reiterating Macquarie's Outperform rating and $14.00 price target.

Latest Ratings for P

Nov 2018Canaccord GenuityDowngradesBuyHold
Oct 2018Goldman SachsDowngradesBuyNeutral
Oct 2018BMO CapitalDowngradesOutperformMarket Perform

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