In April 2013, Pandora announced that its radio streaming service had 200 million users, including 70 million monthly active users. Kennedy announced that he would leave the company after nine years. On March 7, 2013, Pandora chairman and chief executive officer Joseph J. As of end of mid-year 2018, Pandora had 71.4 million active users. At the time, Pandora had 800,000 tracks from 80,000 artists in its library and 80 million users. In 2011, Pandora went public via an initial public offering on the New York Stock Exchange. Advertising could also be targeted based on the current song.
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Upon its launch, it was a subscription-based service, but added a free, ad-supported version in November after Westergren realized users were abusing its 10-hour free trial by making new e-mail addresses. Īfter a beta period, Pandora officially launched in September 2005. After agreements with Best Buy and Borders lapsed, the company began to shift its attention to the consumer market, resulting in the development of Pandora as an internet radio service using the Music Genome Project as a personalization system. In 2004, based on the success of the Best Buy pilot, Walden Venture Capital led an $8 million round of funding, and hired Joe Kennedy - formerly of automaker Saturn - as its new CEO. After settling the suit, just a few employees were laid off. Glaser, Kraft, and Westergren then convinced Savage Beast's 50 employees to work for two years without pay, prompting a lawsuit by former employees in 2003 due to deferred salaries being illegal under California law. The company faced increasing debt, and ran through its initial $2 million in funding by 2001. Afterwards, the company pursued licensing the technology to other retailers, such as AOL Music and Best Buy (who used it for in-store kiosks as a trial). The company was originally pitched as an e-commerce service that would use Glaser's associated algorithm as a recommendation engine, but this idea was scrapped after the Dot-com bubble hit its peak in March 2000.
Will Glaser had conceptualized the concept of classifying music by various traits and attributes - an effort that he would later name the " Music Genome Project". In 2000, Will Glaser, Jon Kraft, and Tim Westergren founded the company as Savage Beast Technologies. In February 2019, Sirius XM Holdings acquired Pandora for $3.5 billion in stock. In 2021, Pandora had about 55.9 million active monthly users, and 6.4 million subscribers.
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Pandora is a freemium service basic features are free with advertisements or limitations, while additional features, such as improved streaming quality, music downloads and offline channels are offered via paid subscriptions. In 2005, the company shifted its focus to the consumer market by launching Pandora as an internet radio product. The company was founded in 2000 as Savage Beast Technologies, and initially conceived as a business-to-business company licensing the Music Genome Project to retailers as a recommendation platform. In 2017, the service launched Pandora Premium, an on-demand version of the service more in line with contemporary competitors.
The service originally launched in the consumer market as an internet radio service, which would generate personalized channels based on these traits and songs liked by the user this service is available in an advertising-supported tier, and a subscription-based version. The service carries a focus on recommendations based on the " Music Genome Project" - a means of classifying individual songs by musical traits. Pandora is a subscription-based music streaming service owned by Sirius XM Holdings based in Oakland, California, United States.
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