Pandora didn't disappoint when announcing its first financial report as a publicly traded company. The popular streaming music service collected $67 million in total revenue during the second quarter, representing a 117 percent year-over-year increase. Advertising accounted for $58.3 million (118 percent year-over-year increase) and subscription revenue more than doubled as well (112 percent) to $8.7 million.
Much beloved music streaming company Pandora is taking quite a beating in just its second day of public trading. After making its IPO yesterday, the stock price started to inch downward, but today that inching became a free fall. The Stock price fell 24% today to a bit over $13 per share. Additionally, it is still slumping in after hours trading.
As we witness what might ultimately become the second coming of the dot-com bubble, Pandora is serving as inspiration for other Internet-related companies aspiring to reap the rewards of an IPO. Pandora shares traded at $16 on Tuesday night, well above most expectations and enough to raise an additional $235 million, valuing the Internet radio company at $2.56 billion. Not bad for an unprofitable company that isn't expected to make a dime until January at the earliest.
In what's starting to become eerily reminiscent of the Dot-com boom that took place in the 1990s, the popular tech companies to today are trending towards going public. LinkedIn started it by soaring 170 percent on its first day of trading, which no doubt prompted Groupon to file for a $750 million IPO. Now Pandora wants in on the action and has filed for a comparatively modest $109.5 million IPO.
Chevy has something new in store for its 2012 Volt and Equinox models this fall. It's called MyLink, which you can think of as a smartphone on wheels. Building on the safety and security of OnStar, MyLink is a smart interface design that drivers can use to tap into mobile communications technology, all the while keeping their smartphones safely tucked away. Features like Pandora, Sticher SmartRadio, hands-free voice, and touchscreen controls are part of the package.
Maybe we put too much stock in Microsoft's emphatic insistence that streaming music service Pandora was going to be a launch app for Windows Phone 7. It seemed like a lock, but now Pandora has been backing away from that commitment. Their twitter feed last week said there was no app in the works, and they have no clarified the situation slightly. "I'm not sure if/when we will be available on [Windows Phone 7]. Appreciate everyone’s enthusiastic suggestions. I’m passing the feedback on," a Pandora spokesperson told BGR.
The Pandora app has been wildly popular on other platforms like iOS, Android, and webOS. Many users that are switching will expect the service to be available. It could be that Pandora is waiting for some sort of background audio streaming capability in WP7, but they managed to get along without that on iOS for a few years. Competing services Last.fm and Slacker have already deployed WP7 apps to offers users some choice in streaming audio.
Pandora later clarified they intended to be "everywhere our listeners want us to be". But Pandora PR reiterated they have no plans to announce any Windows Phone 7 plans at this time. Does the lack of Pandora on WP7 make it less attractive to you?
There's a new tabletop Internet radio device from Grace Digital Audio featuring Pandora. According to Grace Digital Audio, it's the first tabletop radio to incorporate 1-button control of Pandora.
"Grace's Model GDI-IR2550p is the first and only tabletop radio that incorporates the same features that Pandora listeners use on computers and smart phones, including 1-button access to the thumbs up/down song selection and play/pause functions," the company said. "Listeners can also skip, play, pause, and even bookmark songs directly from the remote and front control panel."
The Internet radio provides access to over 50,000 radio stations, podcasts, and on-demand content. It's available now for $170.
Remember the Golden Age of Radio? When you and sis and mom and dad would gather around the colossal living-room Westinghouse to enjoy the whacky antics of Fibber McGee and Molly or feel the suspense of The Inner Sanctum? That’s okay, neither do we. It doesn’t really matter, because the Internet and boxes like Grace Digital Audio’s Solo Wi-Fi Receiver are making radio relevant again.
Free music from more than 17,000 radio stations, including NPR, CBS, and the BBC? Check. Paid and free subscriptions from the likes of Pandora, Sirius, and Live365. Podcasts? Check. High-fidelity audio streaming from your own computer, NAS box, or server? Check. There’s support for MP3Tunes, too, so you can listen to tunes you’ve uploaded to the cloud anywhere you can access the Internet. The only features missing are old-fashioned terrestrial radio and speakers; you’ll need to connect the Solo to powered speakers or to your hi-fi system.
Had things gone a little differently, we might be talking about Pandora in the past tense, as in the online music service that used to serve up streaming songs before it went belly up. Instead, the future's finally starting to look bright for Pandora.
"In the last year, I feel like we've finally cracked the nut on how to effectively monetize a streaming radio service," says Pandora founder Tim Westergren. "Out intention is to build a radio business that looks a lot like the traditional radio business, with a scalable mechanism for selling national and local advertising so we can do everything from big, branded national campaigns to local pizza joint specials. They can be delivered as graphic ads, as audio ads, as video ads. We're pitching big ad agencies who have historically bought broadcast radio and pitching them to shift that money to the Web."
That's quite the turnaround for Pandora, which is about to record 60 million register users and posted its first profitable quarter at the end of 2009. Prior to that, Pandora looked like it wouldn't be in this for the long haul, and at one point it even asked its employees to work without pay for nearly two years. Contrast that with the hiring of 70 more workers last year, with plans to add 70 more this year.
A whole lot more on the current state of Pandora (and where it's headed) right here.
I don't get super-excited over new Web apps very often--not unless said application has the words, "World," "Warcraft," or "Apple" in the title (I kid; I kid). But a new find on my Web App radar has had me rocking out all weekend long. Literally, rocking out, as said app is an awesome tool for finding new music to jam to.
I'll steer this one off at the pass: No, the Web app is not Pandora. However, it does borrow from Pandora's general setup in that it attempts to create an online playlist of songs for you to rock out to based on a common theme or classification. In this case, you don't start out with a favorite band as the first breadcrumb in your trail of match-ups. Instead, the Web app Stereomood does as its name suggests--you pick from a whopping list of emotions and, upon doing so, the service matches you up with a ton of music to listen to based on your selection.