Pandora is learning first-hand that being a pioneer in a particular industry doesn’t guarantee success.
The online music provider, which steered the music industry toward the current streaming-first model, has seen its share value slowly erode since hitting a high of $37.42 in early 2014. That’s led to reports in recent months that Pandora may be up for sale or open to the idea of a merger but according to founder Tim Westergren, that’s not the case.
During a recent interview with Glassnote Records founder Daniel Glass at the Midem music industry conference in France, the executive said they are on a path to do something big and something for the long term, adding that there are no plans to sell or merge.
Westergren, who retook the helm as CEO earlier this year, spoke a bit about its plans. The executive said his company realized there’s an opportunity to take their engaged listeners and do more with them.
It’s basically a streaming on-demand service but not in the standard way, which Westergren described as 30 million songs, a search box and “good f---in’ luck.” Pandora wants to make the experience much more intuitive and personalized and to do that, he said, they bought Rdio.
Westergren conceded the limitations of Pandora’s current streaming model, noting that if you hear a song and want to listen to it again, you’ll likely head to YouTube. He wants users to stick with Pandora to get that on-demand experience.
As for pricing, Westergren said they are aiming for multiple tiers. Not just the $10 per month standard, he said, but something lower.
Lead image via Spencer Platt, Getty Images