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I worked at Songkick. The business was not sustainable, there was no revenue stream in sight before the Crowdsurge merger. Crowdsurge effectively acquired us wh
by throwawaysk 6y ago
I worked at Songkick. The business was not sustainable, there was no revenue stream in sight before the Crowdsurge merger. Crowdsurge effectively acquired us when they merged as Songkick had run out of funding, with no potential buyers or investors. Crowdsurge was not sustainable either, they lost money on every ticket sold, but mostly because TM would only allow 10% of any allocation at any TM venue. Crowdsurge were backed by Access (Len Blavatnik who owns Warner). The CEO and COO of Crowdsurge went after Ticketmaster as an exit. They built a corporate structure that made the employee share pool worthless. This meant that no employees ever saw any of the $110m "buy out" and they will never see any of this new $10m. The CEO and COO have a lot to answer for.
- tschellenbach 6y agoProbably related to the large amount of funding they raised compared to the exit, https://www.crunchbase.com/organization/songkick https://www.crunchbase.com/organization/songkick
- riteshpatel 6y agoYikes :O
- nanna 6y agoI worked at SK too, leaving to pursue my studies. I always wondered what happened in the end, so thanks. I assumed the crew at least got something from the buyout - damn I'm really sorry for them that they didn't.
- boshjlock 6y agoThe COO was a psychopath who treated daily company life as a game of poker. From the Crowdsurge side, it never really came as a surprise that the exec team were always planning to fuck over the company in their favour.