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Company Case 7Pandora: Disintermedi
Company Case 7
Pandora: Disintermediator or Disintermediated?
For Pandora, one of the biggest players in Internet radio, figuring out the future is both challenging and intimidating. If the regular challenges of growing a new company aren’t enough, Pandora also faces a market that is reeling in turmoil. In the new digital world, the way people listen to music continues to change dra- matically. It seems likely that Pandora will either lead the changes or fall victim to them.
Pandora was founded just over a decade ago. At that time, a vast majority of music listeners were still getting their groove on in one of two ways: They either popped a CD into their home, car, or personal CD player or they turned on the old AM/FM radio. But the advent of digital formats such as MP3s drove the first nail into the CD’s coffin and drew many people away from traditional or “terrestrial” radio. Moreover, like the music business, the radiobusiness has faced major changes of its own. The Telecommuni- cations Act of 1996 reduced limitations on the number of stations that one owner could hold. This led to huge ownership groups that consolidated and standardized listening formats. The result is less diversity on the radio, with shorter playlists and fewer art- ists represented. From one city to the next, all across the United States, radio stations have become a homogenous lot. Both of these trends—combined with the explosion of Internet usage and changes in online technologies—have led to a deluge of companies trying to capitalize on the future of music distribu- tion. This includes download services such as iTunes, subscrip- tion services such as Rhapsody and eMusic, cloud music players from Google and Amazon, an endless number of Internet radio stations, and even satellite radio network SiriusXM. Today, with an ever-growing list of listening devices and music service models, listening trends continue to evolve. But one thing about the future is certain: The business of listening to music is full of disruption and confusion. Things are changing fast and the winning products and services—indeed, the survivors—are yet to be determined.
The Power of People
Amid the chaos, Pandora has carved out its own niche, setting itself apart as an automated music recommendation service. It isn’t a play-on-demand service, where members can simply choose the exact song and artist they want. Rather, listeners en- ter an artist or song suggestion. The playlist starts with a track by the requested artist and inserts additional songs by that artist every once in a while. But in between, Pandora cues up songs by other artists similar in nature to the requested material. If an un- liked or unwanted song plays, the listener can click the “thumbs down” icon or just skip the song and it will be removed from the list. Users can also create stations by browsing artists alphabeti- cally, or they can tune in to pre-made genre stations or to other users’ stations. Listeners can create as many stations as they wish, each oriented around the initial input. Lots of online services employ similar recommendation fea- tures (consider Netflix and Amazon). But Pandora has set a prec- edent by the predictive power of its recommendation software. The Pandora software is amazingly precise in choosing material that fits with what the user wants. According to Tim Westergren, founder and chief strategy officer for Pandora, the secret sauce is the people behind the software. Behind this digitized, automated, software-driven machine, Westergren says, “You need a human ear to discern. It’s true that the algorithms mathematically match songs, but the math, all it’s doing is translating what a human be- ing is actually measuring.” Each of the approximately 1 million songs in Pandora’s library has been analyzed and coded by a professional musician. Each song is rated on as many as 400 different musical attributes or “genes.” Each gene corresponds to a music characteristic, such as gender of the lead vocalist, level of distortion on the electric guitar, syncopation, and vocal harmonies, to name just a few. Pan- dora’s music analysts must pass application tests. As junior ana- lysts, they are required to sit in the same room with other analysts so they can regularly peel back their headphones and engage the others about the music they’re coding. Senior analysts can take their work on the road—often dissecting songs between gigs as they play on tour. “That is the magic bullet for us,” Westergren says of the company’s human element. “I can’t overstate it. It’s been the most important part of Pandora. It defines us in so many ways.” Pandora takes this unmatched competency for coding music and adds features and options that further differentiate its service. For starters, listeners can choose from two subscription plans. On the free plan, listeners hear an advertisement every now and then, but far fewer ads than are heard on terrestrial radio. This plan also sets certain user limits, such as a 40-hour-per-month listen- ing maximum and 12 total skips every 24 hours. For $36 a year, the subscription-based plan provides members with unlimited lis- tening hours, higher-quality audio, a desktop player, and no ads. Once a user selects a plan, Pandora’s brain takes in all the listener’s inputs and marks them as unique to that person’s musi- cal tastes. With each indication of “likes” and “dislikes,” Pandora gets smarter. Listeners can further empower Pandora’s guru-like prowess with such responses as “I’m tired of this song,” “Why was this song selected?”, “Move song to another station,” “New station,” and “Bookmark.” No rewinding or repeating is available (just like terrestrial radio). But further customization occurs when users modify their preference settings for additions such as not allowing explicit lyrics. And blurring the line between radio service and music ownership, a “buy” button is located at the top of each song that takes listeners directly to iTunes or Amazon.com.
From Net Radio to Everywhere Radio
At first, the only way you could listen to Pandora was via Pan- dora’s Web page on a computer. But Pandora’s “Anytime, any- where,” mantra has guided its distribution strategy. As music enthusiasts have become more mobile, Pandora has followed. By forging strategic partnerships, Pandora has pushed the music service into a variety of channels, including apps for smartphones and tablets as well as through home entertainment systems such as video game players, DVD players, and Internet radios. Pandora has also pioneered one of the hottest trends—providing alterna- tives to terrestrial radio in new vehicles. “Half of radio listening happens in cars,” Westergren points out. “It’s an important place for us to be.” Systems in new automobiles allow people to access Pandora on the car’s sound system via Internet-connected smart- phone apps. Similar integrations with Alpine and Pioneer after- market systems make access available in virtually any vehicle. All this access and the allure of cool features have allowed Pandora to dominate Internet radio. Its 54 million active users (over one in every seven Americans) dwarf SiriusXM’s 23 mil- lion subscribers. And Pandora’s base is growing at a much more rapid rate than that of its satellite competitor, progressively erod- ing the listenership of terrestrial radio. And Pandora members— especially young ones—listen longer on average than listeners of terrestrial radio or satellite radio. Despite all the competition, its current market share of 69 percent of the digital listening market is expected to continue to climb steadily and could reach 80 percent by next year. Pandora also now claims 6 percent of the total radio market.
Not Out of the Woods
Although a large and growing member base is encouraging, Pan- dora is far from declaring financial success. True, its revenues of $274 million for 2012 were 99 percent higher than those of the previous year. During the same year, its active user base grew by 51 percent and total listening hours grew by 77 percent. Only one number is not growing for Pandora—profits. To date, Pandora has seen profits during only one quarter, and the company is not expected to be basking in the black any time soon. In fact, Pan- dora’s own projections don’t forecast an annual profit. And other substantial threats have some investors worried. To name a few:
• Cost structure – Pandora pays royalties for every song played. Thus, as it increases its membership and listening hours, roy- alty expenses increase at a linear rate, unlike the decreasingrate for most producers of goods and services. Because Inter- net radio is new, royalty rates have been volatile as the music industry tries to arrive at a fair value. Only a few short years ago, Pandora was on the verge of collapse because royalties doubled. But Pandora was successful in renegotiating lower royalty rates. Further, any given music label could decide to end its contract with Pandora, thus reducing the volume of content. The future on this matter is uncertain, especially as international options are considered. (Pandora is currently available only in the United States because of royalty issues.)
• Fees for advertising dollars – Pandora derives 86 percent of its revenues from advertising dollars. It must convince adver- tisers of the benefits of advertising on Pandora or it will not be able to create sustainable profits. This issue is complicated by Pandora’s growth on mobile devices, as the value for mo- bile advertising is even less certain than that of standard Web advertising.
• Dependence on devices – Pandora’s ability to grow depends entirely on its ability to establish and maintain relationships with makers of connected devices, especially mobile devices. Such manufacturers may have reasons to contract with other ser- vices under exclusive conditions. This also puts a burden on Pandora
Pandora: Disintermediator or Disintermediated?
For Pandora, one of the biggest players in Internet radio, figuring out the future is both challenging and intimidating. If the regular challenges of growing a new company aren’t enough, Pandora also faces a market that is reeling in turmoil. In the new digital world, the way people listen to music continues to change dra- matically. It seems likely that Pandora will either lead the changes or fall victim to them.
Pandora was founded just over a decade ago. At that time, a vast majority of music listeners were still getting their groove on in one of two ways: They either popped a CD into their home, car, or personal CD player or they turned on the old AM/FM radio. But the advent of digital formats such as MP3s drove the first nail into the CD’s coffin and drew many people away from traditional or “terrestrial” radio. Moreover, like the music business, the radiobusiness has faced major changes of its own. The Telecommuni- cations Act of 1996 reduced limitations on the number of stations that one owner could hold. This led to huge ownership groups that consolidated and standardized listening formats. The result is less diversity on the radio, with shorter playlists and fewer art- ists represented. From one city to the next, all across the United States, radio stations have become a homogenous lot. Both of these trends—combined with the explosion of Internet usage and changes in online technologies—have led to a deluge of companies trying to capitalize on the future of music distribu- tion. This includes download services such as iTunes, subscrip- tion services such as Rhapsody and eMusic, cloud music players from Google and Amazon, an endless number of Internet radio stations, and even satellite radio network SiriusXM. Today, with an ever-growing list of listening devices and music service models, listening trends continue to evolve. But one thing about the future is certain: The business of listening to music is full of disruption and confusion. Things are changing fast and the winning products and services—indeed, the survivors—are yet to be determined.
The Power of People
Amid the chaos, Pandora has carved out its own niche, setting itself apart as an automated music recommendation service. It isn’t a play-on-demand service, where members can simply choose the exact song and artist they want. Rather, listeners en- ter an artist or song suggestion. The playlist starts with a track by the requested artist and inserts additional songs by that artist every once in a while. But in between, Pandora cues up songs by other artists similar in nature to the requested material. If an un- liked or unwanted song plays, the listener can click the “thumbs down” icon or just skip the song and it will be removed from the list. Users can also create stations by browsing artists alphabeti- cally, or they can tune in to pre-made genre stations or to other users’ stations. Listeners can create as many stations as they wish, each oriented around the initial input. Lots of online services employ similar recommendation fea- tures (consider Netflix and Amazon). But Pandora has set a prec- edent by the predictive power of its recommendation software. The Pandora software is amazingly precise in choosing material that fits with what the user wants. According to Tim Westergren, founder and chief strategy officer for Pandora, the secret sauce is the people behind the software. Behind this digitized, automated, software-driven machine, Westergren says, “You need a human ear to discern. It’s true that the algorithms mathematically match songs, but the math, all it’s doing is translating what a human be- ing is actually measuring.” Each of the approximately 1 million songs in Pandora’s library has been analyzed and coded by a professional musician. Each song is rated on as many as 400 different musical attributes or “genes.” Each gene corresponds to a music characteristic, such as gender of the lead vocalist, level of distortion on the electric guitar, syncopation, and vocal harmonies, to name just a few. Pan- dora’s music analysts must pass application tests. As junior ana- lysts, they are required to sit in the same room with other analysts so they can regularly peel back their headphones and engage the others about the music they’re coding. Senior analysts can take their work on the road—often dissecting songs between gigs as they play on tour. “That is the magic bullet for us,” Westergren says of the company’s human element. “I can’t overstate it. It’s been the most important part of Pandora. It defines us in so many ways.” Pandora takes this unmatched competency for coding music and adds features and options that further differentiate its service. For starters, listeners can choose from two subscription plans. On the free plan, listeners hear an advertisement every now and then, but far fewer ads than are heard on terrestrial radio. This plan also sets certain user limits, such as a 40-hour-per-month listen- ing maximum and 12 total skips every 24 hours. For $36 a year, the subscription-based plan provides members with unlimited lis- tening hours, higher-quality audio, a desktop player, and no ads. Once a user selects a plan, Pandora’s brain takes in all the listener’s inputs and marks them as unique to that person’s musi- cal tastes. With each indication of “likes” and “dislikes,” Pandora gets smarter. Listeners can further empower Pandora’s guru-like prowess with such responses as “I’m tired of this song,” “Why was this song selected?”, “Move song to another station,” “New station,” and “Bookmark.” No rewinding or repeating is available (just like terrestrial radio). But further customization occurs when users modify their preference settings for additions such as not allowing explicit lyrics. And blurring the line between radio service and music ownership, a “buy” button is located at the top of each song that takes listeners directly to iTunes or Amazon.com.
From Net Radio to Everywhere Radio
At first, the only way you could listen to Pandora was via Pan- dora’s Web page on a computer. But Pandora’s “Anytime, any- where,” mantra has guided its distribution strategy. As music enthusiasts have become more mobile, Pandora has followed. By forging strategic partnerships, Pandora has pushed the music service into a variety of channels, including apps for smartphones and tablets as well as through home entertainment systems such as video game players, DVD players, and Internet radios. Pandora has also pioneered one of the hottest trends—providing alterna- tives to terrestrial radio in new vehicles. “Half of radio listening happens in cars,” Westergren points out. “It’s an important place for us to be.” Systems in new automobiles allow people to access Pandora on the car’s sound system via Internet-connected smart- phone apps. Similar integrations with Alpine and Pioneer after- market systems make access available in virtually any vehicle. All this access and the allure of cool features have allowed Pandora to dominate Internet radio. Its 54 million active users (over one in every seven Americans) dwarf SiriusXM’s 23 mil- lion subscribers. And Pandora’s base is growing at a much more rapid rate than that of its satellite competitor, progressively erod- ing the listenership of terrestrial radio. And Pandora members— especially young ones—listen longer on average than listeners of terrestrial radio or satellite radio. Despite all the competition, its current market share of 69 percent of the digital listening market is expected to continue to climb steadily and could reach 80 percent by next year. Pandora also now claims 6 percent of the total radio market.
Not Out of the Woods
Although a large and growing member base is encouraging, Pan- dora is far from declaring financial success. True, its revenues of $274 million for 2012 were 99 percent higher than those of the previous year. During the same year, its active user base grew by 51 percent and total listening hours grew by 77 percent. Only one number is not growing for Pandora—profits. To date, Pandora has seen profits during only one quarter, and the company is not expected to be basking in the black any time soon. In fact, Pan- dora’s own projections don’t forecast an annual profit. And other substantial threats have some investors worried. To name a few:
• Cost structure – Pandora pays royalties for every song played. Thus, as it increases its membership and listening hours, roy- alty expenses increase at a linear rate, unlike the decreasingrate for most producers of goods and services. Because Inter- net radio is new, royalty rates have been volatile as the music industry tries to arrive at a fair value. Only a few short years ago, Pandora was on the verge of collapse because royalties doubled. But Pandora was successful in renegotiating lower royalty rates. Further, any given music label could decide to end its contract with Pandora, thus reducing the volume of content. The future on this matter is uncertain, especially as international options are considered. (Pandora is currently available only in the United States because of royalty issues.)
• Fees for advertising dollars – Pandora derives 86 percent of its revenues from advertising dollars. It must convince adver- tisers of the benefits of advertising on Pandora or it will not be able to create sustainable profits. This issue is complicated by Pandora’s growth on mobile devices, as the value for mo- bile advertising is even less certain than that of standard Web advertising.
• Dependence on devices – Pandora’s ability to grow depends entirely on its ability to establish and maintain relationships with makers of connected devices, especially mobile devices. Such manufacturers may have reasons to contract with other ser- vices under exclusive conditions. This also puts a burden on Pandora
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Trường hợp công ty 7Pandora: Disintermediator hoặc Disintermediated?Cho Pandora, một trong những cầu thủ lớn nhất trong Internet radio, figuring trong tương lai là khó khăn và đáng sợ. Nếu những thách thức thường xuyên của phát triển một công ty mới là không đủ, Pandora cũng đối mặt với một thị trường mà cuộn ở tình trạng hỗn loạn. Trong thế giới kỹ thuật số mới, cách người nghe nhạc tiếp tục thay đổi dra - matically. Có vẻ như có khả năng rằng Pandora sẽ dẫn các thay đổi hoặc rơi nạn nhân cho họ.Pandora được thành lập chỉ hơn một thập kỷ trước. Tại thời điểm đó, đại đa số các thính giả âm nhạc đã vẫn nhận được groove của trong một trong hai cách: hoặc là họ popped một đĩa CD vào nhà, chiếc xe của họ, hoặc máy nghe đĩa CD cá nhân hoặc họ bật cũ AM / FM radio. Nhưng sự ra đời của các định dạng kỹ thuật số như MP3 đã lái xe móng tay chính vào của đĩa CD coffin và đã thu hút nhiều người đi từ đài phát thanh truyền thống hoặc "mặt đất". Hơn nữa, giống như kinh doanh âm nhạc, radiobusiness đã phải đối mặt những thay đổi lớn của riêng của mình. Việc Telecommuni-cation 1996 giảm hạn chế về số lượng các trạm đó chủ sở hữu một trong những có thể lưu trữ. Điều này dẫn đến các nhóm quyền sở hữu lớn mà củng cố và tiêu chuẩn hóa định dạng nghe. Kết quả là ít sự đa dạng trên đài phát thanh, với danh sách nhạc ngắn hơn và ít hơn nghệ thuật-ists đại diện. Từ một thành phố kế tiếp, tất cả trên khắp Hoa Kỳ, Đài phát thanh đã trở thành rất nhiều đồng nhất. Cả hai của những xu hướng-kết hợp với sự bùng nổ của việc sử dụng Internet và những thay đổi trong công nghệ trực tuyến — đã dẫn đến một vô số của công ty đang cố gắng tận về tương lai của âm nhạc distribu-tion. Điều này bao gồm tải về các dịch vụ như iTunes, subscrip-tion dịch vụ như Rhapsody và eMusic, điện toán đám mây máy nghe nhạc từ Google và Amazon, một số lượng vô tận của Internet đàm, và thậm chí truyền hình vệ tinh phát thanh mạng SiriusXM. Hôm nay, với một ngày càng phát triển danh sách của thiết bị nghe và mô hình dịch vụ âm nhạc, nghe xu hướng tiếp tục phát triển. Nhưng một điều về tương lai là nhất định: việc kinh doanh của nghe nhạc là đầy đủ của sự phá vỡ và sự nhầm lẫn. Mọi thứ đang thay đổi nhanh chóng và chiến thắng sản phẩm và dịch vụ — thực sự, những người sống sót — là chưa được xác định.Sức mạnh của người Giữa sự hỗn loạn, Pandora đã tách ra thích hợp riêng của mình, thiết lập chính nó ngoài như là một dịch vụ giới thiệu âm nhạc tự động. Nó không phải là một dịch vụ chơi theo yêu cầu, nơi các thành viên chỉ đơn giản là có thể chọn chính xác bài hát và nghệ sĩ mà họ muốn. Thay vào đó, người nghe en-ter một nghệ sĩ hoặc bài hát gợi ý. Danh sách chơi bắt đầu với một ca khúc của các nghệ sĩ được yêu cầu và chèn thêm bài hát của nữ nghệ sĩ đó mỗi một lần trong một thời gian. Nhưng ở giữa, Pandora tín hiệu lên những bài hát của nghệ sĩ khác bản chất tương tự như các tài liệu được yêu cầu. Nếu một liên hợp quốc - thích hoặc không mong muốn bài hát kịch, người nghe có thể nhấp vào biểu tượng "thumbs xuống" hoặc chỉ cần bỏ qua bài hát và nó sẽ được gỡ bỏ khỏi danh sách. Người dùng cũng có thể tạo trạm bằng cách duyệt nghệ sĩ alphabeti-cally, hoặc họ có thể điều chỉnh các trạm Pre-Made loại hoặc vào vị trí của người dùng khác. Thính giả có thể tạo ra như nhiều trạm như họ muốn, mỗi theo định hướng xung quanh các đầu vào ban đầu. Nhiều dịch vụ trực tuyến sử dụng tương tự như đề nghị fea-tures (xem xét Netflix và Amazon). Nhưng Pandora đã thiết lập khả edent bởi sức mạnh kiểu của phần mềm khuyến nghị của nó. Phần mềm Pandora là amazingly chính xác trong việc lựa chọn vật liệu mà fits với những gì người dùng muốn. Theo Tim Westergren, người sáng lập và giám đốc chiến lược officer cho Pandora, nước sốt bí mật là những người đứng sau các phần mềm. Phía sau máy số hóa, tự động, thúc đẩy phần mềm này, Westergren nói, "bạn cần một tai của con người để phân biệt. It's true rằng các thuật toán toán học phù hợp với bài hát, nhưng toán học, tất cả nó là làm dịch những gì một con người-ing thực sự đo. " Mỗi người trong số các bài hát khoảng 1 triệu trong thư viện của Pandora đã được phân tích và mã hoá bởi một nhạc sĩ chuyên nghiệp. Mỗi bài hát được đánh giá trên bao nhiêu là 400 thuộc tính âm nhạc khác nhau hoặc "gen." Mỗi gen tương ứng với một đặc tính âm nhạc, chẳng hạn như giới tính của ca sĩ chì, mức độ biến dạng guitar điện, syncopation và giọng điệu, để đặt tên chỉ là một vài. Pan - dora nhà phân tích âm nhạc phải vượt qua bài kiểm tra ứng dụng. Như junior ana-lysts, họ được yêu cầu ngồi trong cùng một phòng với nhà phân tích khác, vì vậy họ thường xuyên có thể lột vỏ trở lại của tai nghe và tham gia những người khác về âm nhạc mà họ đang mã hóa. Các nhà phân tích cao cấp có thể mất công việc của họ trên đường — thường cắt ngang các bài hát giữa biểu diễn khi họ chơi trên tour du lịch. "Đó là viên đạn kỳ diệu cho chúng tôi," Westergren nói của yếu tố con người của công ty. "Tôi không thể overstate nó. Nó đã là một phần quan trọng nhất của Pandora. Nó defines chúng tôi theo những cách rất nhiều. " Pandora sẽ đưa này khả năng chưa từng có cho mã hóa âm nhạc và cho biết thêm tính năng và các tùy chọn thêm phân biệt các dịch vụ. Để bắt đầu, thính giả có thể chọn từ hai đăng ký chương trình. Ngày kế hoạch miễn phí, thính giả nghe một quảng cáo mỗi giờ và sau đó, nhưng các quảng cáo đến nay ít hơn nghe trên đài phát thanh trên đất liền. Kế hoạch này cũng đặt giới hạn người dùng nhất định, chẳng hạn như bỏ qua tổng cộng tối đa tới 12 40 giờ mỗi tháng nghe-ing mỗi 24 giờ. Cho $36 mỗi năm, kế hoạch dựa trên đăng ký cung cấp các thành viên với không giới hạn lis-tening giờ, âm thanh chất lượng cao hơn, một máy nghe nhạc máy tính để bàn, và không có quảng cáo. Một khi người dùng chọn một kế hoạch, của Pandora não mất trong tất cả nghe đầu vào và đánh dấu chúng như là duy nhất cho người đó musi-cal thị hiếu. Với mỗi dấu hiệu của "thích" và "không thích," Pandora được thông minh hơn. Thính giả có thể tiếp tục trao quyền cho của Pandora giống như guru prowess với phản ứng như vậy như "Tôi mệt mỏi của bài hát này," "Tại sao bài hát này đã chọn?", "di chuyển bài hát đến một trạm," "Trạm mới", và "Dấu." Không có tua lại hoặc lặp đi lặp lại là có sẵn (giống như đài phát thanh trên đất liền). Nhưng thêm tuỳ biến xảy ra khi người dùng sửa đổi các cài đặt tuỳ chọn cho bổ sung chẳng hạn như không cho phép rõ ràng lời. Và làm mờ dòng giữa quyền sở hữu dịch vụ và âm nhạc Đài phát thanh, một "mua" nút được đặt ở đầu của mỗi bài hát mà mất thính giả trực tiếp vào iTunes hoặc Amazon.com.Từ Net Radio để ở khắp mọi nơi Radio Vòng, cách duy nhất bạn có thể nghe Pandora là thông qua trang Web Pan - dora trên một máy tính. Nhưng Pandora's "Bất cứ lúc nào, bất kỳ - nơi," thần chú đã hướng dẫn chiến lược phân phối của mình. Như những người đam mê âm nhạc đã trở thành hơn điện thoại di động, Pandora đã theo đuổi. Bởi chiến lược đối tác giả mạo, Pandora đã đẩy dịch vụ âm nhạc vào một loạt các kênh, bao gồm cả ứng dụng cho điện thoại thông minh và máy tính bảng cũng như thông qua các hệ thống giải trí gia đình như người chơi video game, người chơi DVD, và Internet Radio. Pandora đã cũng đi tiên phong một trong những xu hướng nóng nhất — cung cấp alterna-tives Radio mặt đất ở xe mới. "Một nửa của đài phát thanh lắng sẽ xảy ra trong xe ô tô," Westergren chỉ ra. "Đó là một nơi quan trọng đối với chúng tôi để." Các hệ thống trong xe ô tô mới cho phép người dân để truy cập Pandora trên hệ thống âm thanh của xe hơi thông qua kết nối Internet ứng dụng điện thoại thông minh. Tương tự như tích hợp với núi cao và Pioneer sau khi thị trường hệ thống thực hiện truy cập có sẵn trong hầu như bất kỳ chiếc xe. Tất cả các truy cập này và những nét quyến rũ của tính năng mát mẻ đã cho phép Pandora để thống trị đài phát thanh Internet. 54.000.000 người dùng hoạt động (hơn là một trong mỗi người Mỹ bảy) lùn SiriusXM của 23 mil-sư tử thuê bao. Và cơ sở của Pandora đang gia tăng với tốc độ nhanh hơn nhiều so với đối thủ cạnh tranh truyền hình vệ tinh, dần dần erod-ing listenership của đài phát thanh trên đất liền. Và Pandora thành viên-những người trẻ tuổi đặc biệt là — nghe trung bình so với thính giả của đài phát thanh trên đất liền hoặc radio vệ tinh. Mặc dù tất cả đối thủ cạnh tranh khác, chia sẻ thị trường hiện tại của 69 phần trăm của thị trường nghe kỹ thuật số dự kiến sẽ tiếp tục leo lên đều đặn và có thể đạt đến 80 phần trăm vào năm tới. Pandora bây giờ cũng tuyên bố 6 phần trăm của thị trường tất cả các đài phát thanh.Không ra khỏi rừng Mặc dù một thành viên lớn và phát triển cơ sở là đáng khích lệ, Pan - dora là xa tuyên bố chính thành công. Đúng, doanh thu của nó 274 triệu USD cho năm 2012 là 99 phần trăm cao hơn so với năm trước. Trong cùng năm đó, cơ sở hoạt động người dùng của nó đã tăng trưởng 51 phần trăm và tổng số giờ nghe tăng 77 phần trăm. Chỉ có một số không phát triển cho Pandora-profits. Đến nay, Pandora đã nhìn thấy profits trong chỉ một phần tư, và công ty không dự kiến sẽ basking trong đen bất cứ lúc nào sớm. Trong thực tế, Pan - dora của riêng dự không dự báo một profit hàng năm. Và mối đe dọa đáng kể khác có một số nhà đầu tư lo lắng. Để tên một vài:• Chi phí cấu trúc-Pandora trả tiền bản quyền cho mỗi bài hát chơi. Do đó, như nó làm tăng các thành viên và giờ nghe, roy-alty chi phí tăng tốc độ tuyến tính, không giống như decreasingrate cho hầu hết các nhà sản xuất hàng hoá và dịch vụ. Bởi vì Inter-net radio là mới, tỷ lệ trả tiền bản quyền đã được dễ bay hơi như ngành công nghiệp âm nhạc cố gắng để đi đến một giá trị hợp lý. Chỉ một vài năm ngắn trước đây, Pandora là trên bờ vực của sự sụp đổ vì tăng gấp đôi tiền bản quyền. Nhưng Pandora đã thành công trong renegotiating trả tiền bản quyền giá thấp hơn. Hơn nữa, bất kỳ nhãn nhất định âm nhạc có thể quyết định kết thúc hợp đồng của nó với Pandora, do đó làm giảm khối lượng nội dung. Tương lai về vấn đề này là không chắc chắn, đặc biệt là quốc tế lựa chọn được coi là. (Pandora hiện chỉ có sẵn trong Hoa Kỳ vì các vấn đề tiền bản quyền.)• Phí cho đô la quảng cáo-Pandora có nguồn gốc 86 phần trăm doanh thu của nó từ quảng cáo đô la. Nó phải thuyết phục adver-tisers trong lợi của các quảng cáo trên Pandora hoặc nó sẽ không thể tạo profits bền vững. Vấn đề này phức tạp bởi sự tăng trưởng của Pandora trên thiết bị di động, như giá trị cho mo-mật quảng cáo là một số thậm chí còn ít hơn tiêu chuẩn Web quảng cáo.• Sự phụ thuộc vào thiết bị-Pandora của khả năng để phát triển phụ thuộc hoàn toàn vào khả năng của mình để thiết lập và duy trì mối quan hệ với các nhà sản xuất thiết bị kết nối, đặc biệt là thiết bị di động. Nhà sản xuất như vậy có thể có lý do để hợp đồng với các tệ nạn ser điều kiện độc quyền. Điều này cũng đặt một gánh nặng trên Pandora
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Company Case 7
Pandora: Disintermediator or Disintermediated?
For Pandora, one of the biggest players in Internet radio, figuring out the future is both challenging and intimidating. If the regular challenges of growing a new company aren’t enough, Pandora also faces a market that is reeling in turmoil. In the new digital world, the way people listen to music continues to change dra- matically. It seems likely that Pandora will either lead the changes or fall victim to them.
Pandora was founded just over a decade ago. At that time, a vast majority of music listeners were still getting their groove on in one of two ways: They either popped a CD into their home, car, or personal CD player or they turned on the old AM/FM radio. But the advent of digital formats such as MP3s drove the first nail into the CD’s coffin and drew many people away from traditional or “terrestrial” radio. Moreover, like the music business, the radiobusiness has faced major changes of its own. The Telecommuni- cations Act of 1996 reduced limitations on the number of stations that one owner could hold. This led to huge ownership groups that consolidated and standardized listening formats. The result is less diversity on the radio, with shorter playlists and fewer art- ists represented. From one city to the next, all across the United States, radio stations have become a homogenous lot. Both of these trends—combined with the explosion of Internet usage and changes in online technologies—have led to a deluge of companies trying to capitalize on the future of music distribu- tion. This includes download services such as iTunes, subscrip- tion services such as Rhapsody and eMusic, cloud music players from Google and Amazon, an endless number of Internet radio stations, and even satellite radio network SiriusXM. Today, with an ever-growing list of listening devices and music service models, listening trends continue to evolve. But one thing about the future is certain: The business of listening to music is full of disruption and confusion. Things are changing fast and the winning products and services—indeed, the survivors—are yet to be determined.
The Power of People
Amid the chaos, Pandora has carved out its own niche, setting itself apart as an automated music recommendation service. It isn’t a play-on-demand service, where members can simply choose the exact song and artist they want. Rather, listeners en- ter an artist or song suggestion. The playlist starts with a track by the requested artist and inserts additional songs by that artist every once in a while. But in between, Pandora cues up songs by other artists similar in nature to the requested material. If an un- liked or unwanted song plays, the listener can click the “thumbs down” icon or just skip the song and it will be removed from the list. Users can also create stations by browsing artists alphabeti- cally, or they can tune in to pre-made genre stations or to other users’ stations. Listeners can create as many stations as they wish, each oriented around the initial input. Lots of online services employ similar recommendation fea- tures (consider Netflix and Amazon). But Pandora has set a prec- edent by the predictive power of its recommendation software. The Pandora software is amazingly precise in choosing material that fits with what the user wants. According to Tim Westergren, founder and chief strategy officer for Pandora, the secret sauce is the people behind the software. Behind this digitized, automated, software-driven machine, Westergren says, “You need a human ear to discern. It’s true that the algorithms mathematically match songs, but the math, all it’s doing is translating what a human be- ing is actually measuring.” Each of the approximately 1 million songs in Pandora’s library has been analyzed and coded by a professional musician. Each song is rated on as many as 400 different musical attributes or “genes.” Each gene corresponds to a music characteristic, such as gender of the lead vocalist, level of distortion on the electric guitar, syncopation, and vocal harmonies, to name just a few. Pan- dora’s music analysts must pass application tests. As junior ana- lysts, they are required to sit in the same room with other analysts so they can regularly peel back their headphones and engage the others about the music they’re coding. Senior analysts can take their work on the road—often dissecting songs between gigs as they play on tour. “That is the magic bullet for us,” Westergren says of the company’s human element. “I can’t overstate it. It’s been the most important part of Pandora. It defines us in so many ways.” Pandora takes this unmatched competency for coding music and adds features and options that further differentiate its service. For starters, listeners can choose from two subscription plans. On the free plan, listeners hear an advertisement every now and then, but far fewer ads than are heard on terrestrial radio. This plan also sets certain user limits, such as a 40-hour-per-month listen- ing maximum and 12 total skips every 24 hours. For $36 a year, the subscription-based plan provides members with unlimited lis- tening hours, higher-quality audio, a desktop player, and no ads. Once a user selects a plan, Pandora’s brain takes in all the listener’s inputs and marks them as unique to that person’s musi- cal tastes. With each indication of “likes” and “dislikes,” Pandora gets smarter. Listeners can further empower Pandora’s guru-like prowess with such responses as “I’m tired of this song,” “Why was this song selected?”, “Move song to another station,” “New station,” and “Bookmark.” No rewinding or repeating is available (just like terrestrial radio). But further customization occurs when users modify their preference settings for additions such as not allowing explicit lyrics. And blurring the line between radio service and music ownership, a “buy” button is located at the top of each song that takes listeners directly to iTunes or Amazon.com.
From Net Radio to Everywhere Radio
At first, the only way you could listen to Pandora was via Pan- dora’s Web page on a computer. But Pandora’s “Anytime, any- where,” mantra has guided its distribution strategy. As music enthusiasts have become more mobile, Pandora has followed. By forging strategic partnerships, Pandora has pushed the music service into a variety of channels, including apps for smartphones and tablets as well as through home entertainment systems such as video game players, DVD players, and Internet radios. Pandora has also pioneered one of the hottest trends—providing alterna- tives to terrestrial radio in new vehicles. “Half of radio listening happens in cars,” Westergren points out. “It’s an important place for us to be.” Systems in new automobiles allow people to access Pandora on the car’s sound system via Internet-connected smart- phone apps. Similar integrations with Alpine and Pioneer after- market systems make access available in virtually any vehicle. All this access and the allure of cool features have allowed Pandora to dominate Internet radio. Its 54 million active users (over one in every seven Americans) dwarf SiriusXM’s 23 mil- lion subscribers. And Pandora’s base is growing at a much more rapid rate than that of its satellite competitor, progressively erod- ing the listenership of terrestrial radio. And Pandora members— especially young ones—listen longer on average than listeners of terrestrial radio or satellite radio. Despite all the competition, its current market share of 69 percent of the digital listening market is expected to continue to climb steadily and could reach 80 percent by next year. Pandora also now claims 6 percent of the total radio market.
Not Out of the Woods
Although a large and growing member base is encouraging, Pan- dora is far from declaring financial success. True, its revenues of $274 million for 2012 were 99 percent higher than those of the previous year. During the same year, its active user base grew by 51 percent and total listening hours grew by 77 percent. Only one number is not growing for Pandora—profits. To date, Pandora has seen profits during only one quarter, and the company is not expected to be basking in the black any time soon. In fact, Pan- dora’s own projections don’t forecast an annual profit. And other substantial threats have some investors worried. To name a few:
• Cost structure – Pandora pays royalties for every song played. Thus, as it increases its membership and listening hours, roy- alty expenses increase at a linear rate, unlike the decreasingrate for most producers of goods and services. Because Inter- net radio is new, royalty rates have been volatile as the music industry tries to arrive at a fair value. Only a few short years ago, Pandora was on the verge of collapse because royalties doubled. But Pandora was successful in renegotiating lower royalty rates. Further, any given music label could decide to end its contract with Pandora, thus reducing the volume of content. The future on this matter is uncertain, especially as international options are considered. (Pandora is currently available only in the United States because of royalty issues.)
• Fees for advertising dollars – Pandora derives 86 percent of its revenues from advertising dollars. It must convince adver- tisers of the benefits of advertising on Pandora or it will not be able to create sustainable profits. This issue is complicated by Pandora’s growth on mobile devices, as the value for mo- bile advertising is even less certain than that of standard Web advertising.
• Dependence on devices – Pandora’s ability to grow depends entirely on its ability to establish and maintain relationships with makers of connected devices, especially mobile devices. Such manufacturers may have reasons to contract with other ser- vices under exclusive conditions. This also puts a burden on Pandora
Pandora: Disintermediator or Disintermediated?
For Pandora, one of the biggest players in Internet radio, figuring out the future is both challenging and intimidating. If the regular challenges of growing a new company aren’t enough, Pandora also faces a market that is reeling in turmoil. In the new digital world, the way people listen to music continues to change dra- matically. It seems likely that Pandora will either lead the changes or fall victim to them.
Pandora was founded just over a decade ago. At that time, a vast majority of music listeners were still getting their groove on in one of two ways: They either popped a CD into their home, car, or personal CD player or they turned on the old AM/FM radio. But the advent of digital formats such as MP3s drove the first nail into the CD’s coffin and drew many people away from traditional or “terrestrial” radio. Moreover, like the music business, the radiobusiness has faced major changes of its own. The Telecommuni- cations Act of 1996 reduced limitations on the number of stations that one owner could hold. This led to huge ownership groups that consolidated and standardized listening formats. The result is less diversity on the radio, with shorter playlists and fewer art- ists represented. From one city to the next, all across the United States, radio stations have become a homogenous lot. Both of these trends—combined with the explosion of Internet usage and changes in online technologies—have led to a deluge of companies trying to capitalize on the future of music distribu- tion. This includes download services such as iTunes, subscrip- tion services such as Rhapsody and eMusic, cloud music players from Google and Amazon, an endless number of Internet radio stations, and even satellite radio network SiriusXM. Today, with an ever-growing list of listening devices and music service models, listening trends continue to evolve. But one thing about the future is certain: The business of listening to music is full of disruption and confusion. Things are changing fast and the winning products and services—indeed, the survivors—are yet to be determined.
The Power of People
Amid the chaos, Pandora has carved out its own niche, setting itself apart as an automated music recommendation service. It isn’t a play-on-demand service, where members can simply choose the exact song and artist they want. Rather, listeners en- ter an artist or song suggestion. The playlist starts with a track by the requested artist and inserts additional songs by that artist every once in a while. But in between, Pandora cues up songs by other artists similar in nature to the requested material. If an un- liked or unwanted song plays, the listener can click the “thumbs down” icon or just skip the song and it will be removed from the list. Users can also create stations by browsing artists alphabeti- cally, or they can tune in to pre-made genre stations or to other users’ stations. Listeners can create as many stations as they wish, each oriented around the initial input. Lots of online services employ similar recommendation fea- tures (consider Netflix and Amazon). But Pandora has set a prec- edent by the predictive power of its recommendation software. The Pandora software is amazingly precise in choosing material that fits with what the user wants. According to Tim Westergren, founder and chief strategy officer for Pandora, the secret sauce is the people behind the software. Behind this digitized, automated, software-driven machine, Westergren says, “You need a human ear to discern. It’s true that the algorithms mathematically match songs, but the math, all it’s doing is translating what a human be- ing is actually measuring.” Each of the approximately 1 million songs in Pandora’s library has been analyzed and coded by a professional musician. Each song is rated on as many as 400 different musical attributes or “genes.” Each gene corresponds to a music characteristic, such as gender of the lead vocalist, level of distortion on the electric guitar, syncopation, and vocal harmonies, to name just a few. Pan- dora’s music analysts must pass application tests. As junior ana- lysts, they are required to sit in the same room with other analysts so they can regularly peel back their headphones and engage the others about the music they’re coding. Senior analysts can take their work on the road—often dissecting songs between gigs as they play on tour. “That is the magic bullet for us,” Westergren says of the company’s human element. “I can’t overstate it. It’s been the most important part of Pandora. It defines us in so many ways.” Pandora takes this unmatched competency for coding music and adds features and options that further differentiate its service. For starters, listeners can choose from two subscription plans. On the free plan, listeners hear an advertisement every now and then, but far fewer ads than are heard on terrestrial radio. This plan also sets certain user limits, such as a 40-hour-per-month listen- ing maximum and 12 total skips every 24 hours. For $36 a year, the subscription-based plan provides members with unlimited lis- tening hours, higher-quality audio, a desktop player, and no ads. Once a user selects a plan, Pandora’s brain takes in all the listener’s inputs and marks them as unique to that person’s musi- cal tastes. With each indication of “likes” and “dislikes,” Pandora gets smarter. Listeners can further empower Pandora’s guru-like prowess with such responses as “I’m tired of this song,” “Why was this song selected?”, “Move song to another station,” “New station,” and “Bookmark.” No rewinding or repeating is available (just like terrestrial radio). But further customization occurs when users modify their preference settings for additions such as not allowing explicit lyrics. And blurring the line between radio service and music ownership, a “buy” button is located at the top of each song that takes listeners directly to iTunes or Amazon.com.
From Net Radio to Everywhere Radio
At first, the only way you could listen to Pandora was via Pan- dora’s Web page on a computer. But Pandora’s “Anytime, any- where,” mantra has guided its distribution strategy. As music enthusiasts have become more mobile, Pandora has followed. By forging strategic partnerships, Pandora has pushed the music service into a variety of channels, including apps for smartphones and tablets as well as through home entertainment systems such as video game players, DVD players, and Internet radios. Pandora has also pioneered one of the hottest trends—providing alterna- tives to terrestrial radio in new vehicles. “Half of radio listening happens in cars,” Westergren points out. “It’s an important place for us to be.” Systems in new automobiles allow people to access Pandora on the car’s sound system via Internet-connected smart- phone apps. Similar integrations with Alpine and Pioneer after- market systems make access available in virtually any vehicle. All this access and the allure of cool features have allowed Pandora to dominate Internet radio. Its 54 million active users (over one in every seven Americans) dwarf SiriusXM’s 23 mil- lion subscribers. And Pandora’s base is growing at a much more rapid rate than that of its satellite competitor, progressively erod- ing the listenership of terrestrial radio. And Pandora members— especially young ones—listen longer on average than listeners of terrestrial radio or satellite radio. Despite all the competition, its current market share of 69 percent of the digital listening market is expected to continue to climb steadily and could reach 80 percent by next year. Pandora also now claims 6 percent of the total radio market.
Not Out of the Woods
Although a large and growing member base is encouraging, Pan- dora is far from declaring financial success. True, its revenues of $274 million for 2012 were 99 percent higher than those of the previous year. During the same year, its active user base grew by 51 percent and total listening hours grew by 77 percent. Only one number is not growing for Pandora—profits. To date, Pandora has seen profits during only one quarter, and the company is not expected to be basking in the black any time soon. In fact, Pan- dora’s own projections don’t forecast an annual profit. And other substantial threats have some investors worried. To name a few:
• Cost structure – Pandora pays royalties for every song played. Thus, as it increases its membership and listening hours, roy- alty expenses increase at a linear rate, unlike the decreasingrate for most producers of goods and services. Because Inter- net radio is new, royalty rates have been volatile as the music industry tries to arrive at a fair value. Only a few short years ago, Pandora was on the verge of collapse because royalties doubled. But Pandora was successful in renegotiating lower royalty rates. Further, any given music label could decide to end its contract with Pandora, thus reducing the volume of content. The future on this matter is uncertain, especially as international options are considered. (Pandora is currently available only in the United States because of royalty issues.)
• Fees for advertising dollars – Pandora derives 86 percent of its revenues from advertising dollars. It must convince adver- tisers of the benefits of advertising on Pandora or it will not be able to create sustainable profits. This issue is complicated by Pandora’s growth on mobile devices, as the value for mo- bile advertising is even less certain than that of standard Web advertising.
• Dependence on devices – Pandora’s ability to grow depends entirely on its ability to establish and maintain relationships with makers of connected devices, especially mobile devices. Such manufacturers may have reasons to contract with other ser- vices under exclusive conditions. This also puts a burden on Pandora
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