Pandora Media (P, Financial) is making impressive moves to grow its business. The company is looking to get ahead of its competitors and this is why it has been adopting new strategies. For instance, Pandora is looking to deliver additional value to artists beyond royalties. The company has more than 75 million monthly active users and exposure to large precedent catalogs that’s not available on terrestrial radio.
Focus on customer relationships
Maintaining relationship with its users has always been the utmost priority for Pandora and is truly focused on delighting the listeners by introducing new music they love and reintroducing all their favorites.
Pandora displayed 37 live acts over four days at Pandora’s Discovery Den and launched the event live on TV channels. It had 20% online engagement compared to last year with 419,000 live streams.
Partnerships are important
Pandora continues to host a series of live personalized concerts designed to connect fans with artists they prefer in a live setting in order to further engage listeners, to provide new opportunities for advertisers, and extend its presence in the music community. Pandora has the unique ability to determine the optimal artist for each city by analyzing the musical preferences in local listeners.
Pandora is always looking for new programs to drive value to its users, artists and strategic partners. It announced two new partnerships with Peet’s Coffee & Tea in March.
Post partnership, Peet is believed to have its own customized radio stations on Pandora. This will be played in all of its 300 stores across the United States and is expected to be available to all Pandora listeners. The partnership with Pandora allows Peet to refresh the music experience in stores coupled with offering customers more music options, in line with the company’s mission to help consumers find and enjoy music they love anytime, anywhere.
Pandora is focused on the strategy to integrate the brand into the measurements and metrics of the buy-in platforms used by local radio ad buyers who continue to gain momentum.
Pandora is executing well across the three strategic priorities that include pushing up listener hours, enhancing monetization, and managing content costs.
Pandora is quite confident about leveraging its leadership position to redefine radio for a connected world. It has plans of continuing to invest in its business still remaining focused on its strategic priorities to capture the full market potential.
Conclusion
Pandora is trying its best to improve its standing in the music streaming market. Its strategies look sound, and should allow it to compete against bigger players in the market, along with those looking to bring new technology. Thus, investors should consider this stock for the long run as it can continue improving.
