Pandora CFO Eyes Former Users, Sees Much 'Room for Many Players to Grow' in Streaming Music
In an increasingly crowded streaming music space, there’s a “lot of room for many players to grow,” said Pandora Chief Financial Officer Naveen Chopra at a JPMorgan Chase investor conference Thursday. Pandora is looking for its growth from its…
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advertising-supported business where it's investing heavily in technology and in ways to retain listeners and acquire new ones, said Chopra. That’s a departure from recent efforts under previous management to steer business toward the $9.99-per-month Premium model. User and listener hours fell some 5 percent in Q1, less than in previous quarters, and Chopra said the number “churning out” hasn’t changed much over the past 12-18 months. Recapturing previous users is “the cheapest thing to do” as they likely have the same email and app, but the company now plans to spend more to acquire new listeners to “turn around the trajectory” on monthly average users, the CFO said: “We’re definitely in the mode of let’s spend, let’s fail fast, let’s figure out what works, what doesn’t work and then just keep" on going.