Yahoo has acquired live concert streaming business Evntlive for an undisclosed sum.
The Redwood City, Calif-based Evntlive was established in 2012 and launched in open beta back in mid-April after raising $2.3 million in funding. Its ambition was clear; to turn paid and sponsored live concert streams into a new and large revenue stream.
Evntlive's founding team brought some heavyweight tech and music clout. Its co-founders include chief marketing officer David Carrico, formerly CEO of music industry strategic marketing and management group CMG, and executive chair Judy Estrin, a longtime technology entrepreneur who has served as chief technology officer for Cisco. Elite artist manager Troy Carter served as both an advisor and investor.
The sale to Yahoo was announced Friday on the Evntlive Website.
"We are thrilled to announce that EVNTLIVE has been acquired by Yahoo!
When we started EVNTLIVE in early 2012, we set out to change the way that fans engage with live music online by creating an interactive, virtual venue. Since launching our beta service in April 2013, we have live streamed hundreds of performances from amazing artists and festivals to fans all over the world.
Although our service will no longer be available, we are excited to be joining Yahoo's video team. Click for more information about Yahoo Screen and Yahoo Music.
Thank you to our investors, fans, and the artists who helped bring our dream to life."
It’s expected Evntlive will shutter its services and join the Yahoo team for their projects.
Yahoo has been on an acquisition spree since CEO Marissa Mayer took charge in 2012. In this year alone, the Internet giant has bought Tumblr for $1.1 billion, and spent millions on mobile app developer Bignoggins Productions and mobile app Qwiki.