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The Resurgence of Live Events Post-COVID-19
The world has witnessed a significant resurgence of live, in-person activities following the COVID-19 pandemic. Capitalizing on this trend, Dice, a London-based events discovery and ticketing platform, has successfully secured $65 million in funding. The company intends to utilize these funds to expand its operations in both the U.S. and Europe.
Dice’s Impressive Track Record
Over the past year, Dice has provided its services to millions of fans, collaborated with 55,000 artists, and worked with more than 10,000 venues, festivals, and promoters across approximately 30 cities in the U.S. and Europe. The company’s revenue model is based on the fees charged to event organizers.
The Shift from Live Streaming to Live Events
Phil Hutcheon, Dice’s CEO and co-founder, emphasized the company’s focus on live events rather than live streaming. While the company did venture into live streaming during the pandemic, it has since shifted its focus back to live events. Hutcheon mentioned the acquisition of Boiler Room, described as the world’s largest broadcaster of electronic music, which has continued to be a significant success due to its role as one of the leading producers of in-real-life (IRL) events.
The Power of Music and Dice’s Niche
While Dice offers ticketing services for various live events, including comedy and drag cabaret, its primary focus remains on music. The funding round was led by MUSIC, a venture capital firm headed by musician and music executive Matt Pincus. This firm recently raised a $200 million fund dedicated to backing music tech startups.
The Role of Data in Dice’s Success
Dice’s unique approach to data has been a cornerstone of its success. Instead of relying on external platforms like Facebook, the company has built its datasets from scratch. This approach, although time-consuming, has paid off in the long run. Hutcheon highlighted that nearly half of all Dice ticket sales are driven by personalized recommendations based on their proprietary datasets.
Dice’s success story underscores the potential of the live events industry in the post-pandemic world. With a unique approach to data and a clear focus on live music events, the company is well-positioned to continue its growth trajectory.
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