Devyn rorie imc
- 1. Pandora Internet Radio Devyn Rorie
- 2. Background Info • Pandora is a non-interactive music streaming service • Founded in 2000, by Will Glaser and John Kraft • Officially went public in 2011, before Apple Music and Spotify competitors). • Purpose: to create personalized radio stations for each user
- 3. How Pandora Became Successful • Pandora started with the mission “to play only music you’ll love” • Created the Music Genome Project • This system allowed Pandora to study and analyze the type of music their listeners enjoyed, in order to fine tune and personalize stations for their users. • With the help from the “thumbs up” or “thumbs down” feature, Pandora became the first streaming service to individualize the music experience
- 4. • Today, Pandora is increasingly loosing money and subscribers to its competition — Apple Music, Spotify, Google Play & Amazon Why are people no longer interested? • Non-interactive — Pandora offers set playlists/radio stations that get fine tuned based on feedback • Pandora does not allow its listeners to select songs of their choice on-demand • Lack diverse content like other streaming services • music/video segments, podcasts, mood based playlists How Pandora Fell Behind
- 5. The Situation • As of 2014, Pandora Internet Radio has been working to launch a premium service that has on- demand listening features • Pandora Premium is set to be $4.99 a month • Have maintained on average 80 million subscribers per month (2016). The Problem • Pandora is almost 5 years behind premium music streaming, many are already subscribed to other services (Apple Music, Spotify, etc).
- 6. The Goal To gain more listeners and subscribers for Pandora’s Premium Service Important to note: Pandora Premium = 4.3 million, Spotify = 40 million, Apple Music = 20 million
- 7. The Objective Increase subscribers by 75% through social media engagement, musical events and celebrity partnerships/endorsements
- 8. Key Message Pandora Sounds Like You! • Pandora premium caters to the customers on-demand music needs • Enhance listening experience by playing songs you like based on who you listen to • Promote music discovery
- 9. Target Market • Research has proved that the Millennials love streaming services! • According to released report (Music Biz Association), millennials are much more likely to upgrade to the paid tier of a streaming platform than the general population. • Therefore, in order for Pandora Premium to be successful they have to make sure their target audiences are Millennials.
- 10. Strategy • Regain the attention of millennials interested in music streaming services • Move up in ranking/ be considered in the Top 3 Music Streaming Services (based on subscriptions)
- 11. Tactics • To gain attention from Millennials • Offer Original/Exclusive Content — video series, podcasts, studio sessions that bring music experiences to subscribers • Live Concert Series — summer music festivals, featuring top pandora artists
- 12. Example of Concert Series
- 13. Example of Original Content
- 14. Tactics • Be Considered in Top 3 streaming services based on subscriptions • Expand services globally • Currently only available in the US, New Zealand and Australia • Competitors Availability: • Apple Music — 113 countries across UK, US, Australia, & Asia • Spotify — 70 countries across US, Europe, Asia & Latin America & Caribbean
- 15. References • https://musicbiz.org/news/music-bizloop-study-millennials-turn-radio-embrace-streaming/ • https://www.forbes.com/sites/hughmcintyre/2016/07/29/millennials-love-premium-streaming-music-but-are- they-the-ones-paying/#277f75635f5b • https://www.fool.com/investing/general/2016/01/19/apple-music-and-spotify-continue-to-put-pandora-an.aspx • http://www.techtimes.com/articles/183862/20161027/pandora-losing-money-and-subscribers-can-it-compete- with-streamers-apple-music-spotify-iheartradio-and-amazon.htm • https://gulfcoastbc.com/news/simple-success-solutions-part-1-create-a-mission-statement-pandora-radio • http://www.theverge.com/2017/3/13/14889122/pandora-premium-music-streaming-service-preview-interview • https://www.fastcompany.com/3058719/inside-pandoras-plan-to-reinvent-itself-and-beat-back-apple-and-sp • http://www.adweek.com/brand-marketing/infographic-what-marketers-need-know-about-millennials-music- habits-170869/