Ticketmaster has invested a healthy $13.3 million in music discovery community iLike, according to various reports.
The infusion will give Ticketmaster a 25 percent controlling stake in iLike, and considerable strategic involvement in the property. The iLike destination, headquartered in Seattle, was created by entrepreneur Ali Partovi following the purchase of the distressed GarageBand. The resurrected iLike focuses on consumers and music discovery, while GarageBand mainly catered towards the musician. Ticketmaster, part of the Barry Diller-controlled IAC/InterActiveCorp, will use the partnership to generate greater awareness of events and increase ticketing purchases.
Like other start-ups, iLike is attempting to blend a potent combination of social networking and music. Both are incredibly powerful concepts, and a large percentage of internet users are attracted to both socializing and music discovery. The market is already crowded with recommendation solutions and technologies, including those from Pandora, MusicIP, MusicStrands, and Last.fm, and the music-focused social networking market is also stirring. Early entrants include MOG and Goombah, and MySpace continues to spin music-related initiatives. Meanwhile, iLike plugs into iTunes collections, allowing users to share their tastes, browse the collections of others, and receive recommendations. The cash infusion from Ticketmaster first bubbled on Tuesday, and a formal announcement is expected soon.