Are Live Concerts Fueling the Next Acquisition Bubble? Dice Reportedly Explores Sale That Would Value It At ‘Hundreds of Millions of Dollars’

Dice is reportedly in talks with multiple private equity firms to sell a sizable interest at a valuation in the hundreds of millions. Photo Credit: Danny Howe

Are live concerts fueling the next acquisition bubble? The question is taking center stage amid strong crowd-based entertainment revenue and the massive price tag associated with Dice’s possible sale.Bloomberg just recently brought the subject (and the rumored Dice selloff) into the spotlight, rather directly expressing the belief that “live music is the hottest market for media deals.” While it’s unclear whether the bold declaration is true – the rebounding catalog space has seen investors spend billions on IP during 2024 – the potential Dice sale could be a sign of an emerging trend.

According to the outlet, the ticketing platform, having announced a $122 million Series C in 2021 and a $65 million raise in August of 2023, was approached “by a prospective buyer.”

The conversation then laid the groundwork for the Ticketmaster rival to launch a formal sale-exploration process, and “at least three” of the involved parties are private equity firms, per the text. Furthermore, talks are reportedly ongoing “to sell a significant stake” in Dice at an overall valuation in the “hundreds of millions of dollars” range.

Like with any sizable purchase not yet signed and sealed, time will tell whether a transaction comes to fruition. But private equity players’ reported interest in the asset could be a sign of the initially noted bubble.Without straying too far from the main idea, it’s not a secret that more than a few high-profile investors, evidently bullish on music’s long-term revenue outlook, have already injected (and are injecting) huge sums into IP. Against this backdrop – and with Live Nation continuing to report strong post-COVID financials – a possible bubble could simply mark the logical next step of the interest.

Running with the point, the Fever backer Goldman Sachs now possesses a majority piece of stage builder TAIT, KKR dropped a reported $1.7 billion on European promoter Superstruct, and the Hipgnosis owner Blackstone has joined Providence Equity Partners as a stakeholder in historic-venue operator Ambassador Theatre Group, Bloomberg reiterated.

Also worth bearing in mind is CTS Eventim’s See Tickets buyout (including several Vivendi festivals as well) and StubHub’s $16.5 billion IPO (reportedly delayed until at least September), which underscore the sector’s considerable capital and steady stream of deals.

Of course, even an overview of that sector wouldn’t be complete without a cursory mention of the Justice Department’s Live Nation antitrust suit. Predictably, the promoter is pushing back against the case and the sought Ticketmaster separation, which some analysts have made clear they believe an unlikely outcome.

With a trial not expected to begin until March of 2026 at the earliest, the courtroom confrontation, however it plays out, appears unlikely to affect operations in the near term. Closer to the present, Live Nation, hardly shying away from promotional campaigns, is grappling with the fallout of an acknowledged Ticketmaster data breach.