Report: Spotify Eyes Entry to Live Event, Ticketing Space Report: Spotify Eyes Entry to Live Event, Ticketing Space
With live events coming back online and seemingly little hesitance by audiences to return to stadiums and concert halls, Spotify is reportedly eyeing an... Report: Spotify Eyes Entry to Live Event, Ticketing Space

With live events coming back online and seemingly little hesitance by audiences to return to stadiums and concert halls, Spotify is reportedly eyeing an expanded role in the music ecosystem. The popular streaming service is reportedly considering a move into live events and ticketing, one that would allow it to diversify its revenue streams and monitize existing customer data.

Spotify has already dabbled in virtual performances during the pandemic, but this new direction would involve staging actual live events. The company would be able to leverage location-based data to plan potential events, and likely influence pricing decisions should they get into this game.

Moving into the far more lucrative (for artists) live event space would potentially also help the streaming giant repair relationships with performers who believe they are paid too little for streams of their art – particularly in light of the fact that streaming has largely vaporized the industry revenue model built on physical and digital sales.

Interestingly, the coverage of the potential move claims that “sources” say Spotify “isn’t looking to compete with existing live event business companies such as Live Nation Entertainment (NYSE: LYV) and Anschutz Entertainment Group.” It isn’t clear how the company could get into that segment without competing there, unless its intentions are to run at a smaller, more localized scale (though that still would almost certainly entail either competing with or partnering with one or both giants).

Live Nation Entertainment stock dipped by a percentage point after the news, while Spotify (NYSE: SPOT) raised by 0.7 percent on the news.