Online music resource MP3.com, Inc. Wednesday took steps to empower its membership by acquiring event-planning Web site seeUthere.com for
approximately $162 million in stock.
seeUthere.com provides tools to manage all aspects of an event including online ticketing, customized event Web sites, automated invitation and RSVP management and instant online reports that monitor ticket sales and revenue.
MP3.com (MPPP)
will issue 5,948,023 shares of its common stock to purchase the firm, making
seeUthere.com an MP3.com subsidiary. The acquisition is expected to close in
the first quarter of 2000.
MP3.com plans to use the acquisition to allow its membership to organize and
produce their own music events. MP3.com has a directory of more than 40,000
musicians, many of whom are independent. The ticketing and event planning
features will add to the success of the firm’s event calendar service, which
chairman and chief executive officer Michael Robertson said has met with
success.
“In the few months since launch, 10,000 of MP3.com’s 40,000 artists have
promoted their events with our music
event calendar feature,” said Robertson. “Building on this success,
seeUthere.com will bring full-scale event
production capabilities to bands worldwide. This further echoes our mission
to become the foremost Internet
music service provider.”
In addition to the services offered to musicians, seeUthere.com will
continue to provide event planning tools for individuals, corporations and
non-profits, the firms said.