Pandora Radio essay
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Pandora Radio is a programmed music reference service and the custodian of the music genome project that is only available to the people in the United States. Pandora plays the music collections that are similar to the songs proposition by the user. In addition to listening, the users are provided with information on where to access various songs and albums at the several retailers online. Pandora accessed various stand alone players and recently it has launched mobile version software that enables a user with a smartphone to access the services.
The value proposition of Pandora.com is the provision of mobility to those, who listen to it and the customization of the product for both the advertisers and the listeners. Its VP by the name Doug Sterne went ahead to say that “Today, people are constantly on the go, so mobile marketing is becoming an important part of the marketing mix. It all starts with the value proposition that Pandora gives people music they love that’s simple, easy and free. Advertisers can then serve relevant messages in this one-to-one environment that are hyper-targeted and provide immediate listener feedback”.
In accordance to the vice president of the audio sales, the company gets the bigger part of its income from advertising. An approximate of over 60% of the revenue is from the sector of mobile advertising. The economic growth rate of Pandora.com is increased by those, who use the smartphone application to listen and buy music on their mobile phones. One of the techniques, which Pandora.com is applying in order to boost the economic and revenue growth is via the creation of relationships with the auto manufacturers in order to create an application that will match Pandora with the car systems of the vehicles designed. The company has already signed agreements with auto companies like Mercedes, Ford, BMW, and is in the process of adding to the list.
In an organization, the competition against the rivals is higher inside the industries. Pandora is in a better position whereby it is the most familiar radio company to date, their pricing is very competitive, they have an effective advertising system, and they also have maintained its advertising customers. The Pandora.com organization has a strong point over its rivals due to the established customers and ready market.
The market power of the supplier is commonly higher when the customers have few options from who to purchase, the music entertainment industry is usually controlled by four giant companies namely Sony, Warner, Universal an EMI. Pandora.com has access to all the above giants for the supply of music and other music artists and labels that provide music.
The bargaining power of the buyers is usually higher in cases where they have more options of the service or good. Pandora has increased its accessibility via the introduction of the smartphone application software that enables the service to be available to the users via their mobile phones. The company has done this based on the fact that the most important thing to the user of Pandora.com is the access of quality music.
Threat of new players like the iHeartRadio gets easier considering a fact that enables the new competitor to enter the market. This is filed that Pandora.com may be experiencing challenges due to the emergence of the new companies that provide the same service and are able to keep up with the competition.
The threat of the substitute products and services rises when the ways of accessing the service or products are many. The alternative of free music in the various websites, normal FM stations, and the satellite radio are some of the threats.
Pandora.com is making its market strategy via attracting more advertisers to its services; the company is also finding its way to the car radio systems because the commuting hours are hours targeted by the advertisers. Pandora’s objective is to accumulate more that 17 billion dollars in music and advertisements.
The biggest threat of Pandora.com is the emerging companies that are coping up with the completion. The second threat is the satellite radio that costs less to the customer, and, finally, the traditional FM stations that require one to have only a radio tuner to access the free music and advertisements aired.