Joe Kennedy

Pandora tapping social user data to improve music recommendations, says Kennedy

Friday, June 8, 2012 - 11:45am

Joe Kennedy"Social-discovery" tools are changing how Pandora recommends new music to users, the company's CEO Joe Kennedy explained during San Francisco's Glimpse: The Social Discovery Conference.

Pandora is utilizing data from users to better its customizable playlists. So, for example, "older Counting Crows fans in San Francisco will receive a playlist of the band's earlier songs, while a younger fan in New York will see more recent tunes," writes the San Francisco Chronicle.

"We're all now looking, as the Internet moves forward, for how do we use the Internet for experiences that are more about serendipity and discovery as opposed to 'I know what I want, how do I go find it,'" said Kennedy.

You can find more coverage from the Chronicle here.

Pandora's Q1 2013 results: Ad revenue up 62% year-over-year, listener hours up 92%, royalty costs up 91%

Thursday, May 24, 2012 - 11:10am

Pandora revenuesPandora yesterday released its fiscal results for the first quarter of fiscal year 2013 (ending April 30, 2012), which show that overall revenue reached $80.8 million -- up 58% year-over-year. Of that, 87.4% (or $70.6 million) came from advertising, up 62% year-over-year. Another $10.2 million came from subscriptions (up 38% year-over-year).

But costs grew as well, nearly 80% year-over-year, in fact. Content acquisition costs, which include royalty payments, grew 91% to $55.8 million -- nearly 70% of total revenue. Marketing costs also grew 81% to reach $23.5 million. All told, Pandora reported a loss of $20.2 million for the quarter, up from a loss of $6.8 million last year.

However, the company improved its guidance for the year from an adjusted loss of 11-16 cents on revenue of $410-420 million to a loss of 7-11 cents on revenue of $420-427 million. Additionally, as of publication Pandora's stock is up $1.77 for the day ($12.10 per share).

As for audience growth, Pandora says it now has 51.9 million active users (up 53% over last year) and 150 million total registered users. Total listener hours during the quarter reached 3.09 billion, up 92% year-over-year.

Pandora says it now has a 71.7% share of the top 20 web radio services' listening during Q1 2013 and 5.95% of total U.S. radio listening (up from 3.11% last year).

Joe Kennedy, Pandora CEOPandora CEO Joe Kennedy (pictured left) says the company "has the audience to massively disrupt" the radio market. It's "already larger than the largest AM or FM station" in many markets, he said (RAIN coverage on Pandora's latest local ratings via Triton Digital here).

Additionally, "[advertisers] are moving quickly to speak with their target customers across the Pandora platform, with the majority of the top 50 digital advertisers in the U.S. already having bought multiplatform advertising on Pandora. Pandora is the future of radio," he said.

Kennedy also spoke about how Pandora is seeking "integration into the systems radio buyers use every day," and increased hiring of local sellers. More on Pandora's local sales effort in the next story (here).

Radio Ink editor-in-chief Ed Ryan comments (here), "While some may dispute whether Pandora's 6% share of total audio listening is real or relevant, and whether a few hundred million dollars makes much of a difference to a multi-billion industry, the fact is Pandora is growing and radio is not."

To read more about Pandora's fiscal Q1 2013 results, find the company's press release here and coverage in the Wall Street Journal here.

Pandora surpasses 150 million registered users

Friday, May 11, 2012 - 12:25pm

Joe KennedyPandora CEO and President Joe Kennedy announced at the CTIA Wireless conference in New Orleans that the service now has more than 150 million registered users.

"The U.S. Census Bureau estimates that about 311 million people live in the U.S. (as of March 2012)," comments Venture Beat, "so Pandora has signed up a pretty massive chunk of the U.S. even with some duplicate accounts."

More than 100 million registered users have accessed Pandora via smartphones or tablets, Kennedy (pictured) also announced. "Internet radio reaches all the places where radio is historically consumed," he said. "This is just the beginning."

You can find more coverage from Venture Beat here and Twice.com here.

Joe Kennedy to join Worldwide Radio Summit 2012

Thursday, November 10, 2011 - 11:05am

Joe KennedyPandora president/CEO Joe Kennedy will join "The Future of Radio" keynote session on April 27, as part of the Worldwide Radio Summit 2012.

The Summit takes place from April 27-28 at the W Hotel in Hollywood. It's presented by A&R Worldwide and All Access, which has more coverage here.

 

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