London-based mobile ticketing platform DICE netted $122 million from a recent funding round, driving the company’s valuation to $400 million, according to a Monday (Sept. 27) Financial Times report. The funding round was led by SoftBank, as well as a former Apple and Nest executive, with contribution from French billionaire Xavier Niel and Mirabaud Private Equity, according to the article.
DICE began in 2014 as an alternative to Ticketmaster and other ticketing platforms that charge service fees on top of ticket purchases, according to the company’s website. DICE touts the fact that it offers “upfront” ticket pricing. In addition, the company says its tickets are not resold on ticket reselling marketplaces such as StubHub or Vivid Seats.
By 2018, DICE had expanded to the U.S., France, Spain, Italy, India and Australia, according to its website.
DICE collaborates with artists and venues to offer both in-person concerts, premieres, and, as was popular at the height of the pandemic, virtual events.
While the company is turning a profit in its markets, DICE is looking to broaden its reach.
Even with the popularity of DICE, other ticketing companies, including resellers, continue to remain viable. Earlier this month, ticket resale websites Viagogo and StubHub announced a $4 billion merger.
The Competition and Markets Authority (CMA) had approved a plan to permit the sale of StubHub’s international operations to an American investment group for an undisclosed fee. The CMA had ordered Viagogo previously to sell off StubHub’s international business determining that the merger would “lead to a substantial reduction in competition in the secondary ticketing marketing” in the United Kingdom, according to PYMNTS.
Meanwhile, Live Nation, the world’s largest concert promoter, is acquiring a 51% interest in the Latin American live entertainment organizer OCESA, owner of Ticketmaster Mexico, for $444 million, PYMNTS reported earlier this month.