“Pandora Media Inc. said on Monday that KKR & Co LP has agreed to invest $150 million in the music streaming service, while the company explores strategic alternatives, including a sale,” Reuters reports.
“Pandora said Richard Sarnoff, KKR’s head of media & communications private equity investing in the Americas, will join its board,” Reuters reports. “‘We have positioned the company to evaluate any potential strategic alternatives, including a sale, in the 30 days before the financing is set to close,’ board member James Feuille said in a statement.”
Reuters reports, “Pandora faces stiff competition from services such as Sweden’s Spotify, Apple Inc’s Apple Music, Google’s Play Music and Amazon.com Inc’s Amazon Music Unlimited, which dominate the on-demand music service market.”
Read more in the full article here.
MacDailyNews Take: The beginning of the end.
Simple mathematics makes it blatantly obvious what going to happen to Pandora. — MacDailyNews, September 24, 2013
SEE ALSO:
Apple Music passes Pandora and Spotify in mobile usage – March 29, 2017
Spotify hits 50 million paid subscribers – March 3, 2017
Apple Music still trails Spotify’s growth rate – December 19, 2016
Apple Music surpasses 20 million paid members 17 months after launch – December 6, 2016
Apple offers students half-price $4.99 Apple Music subscriptions starting today – May 6, 2016
Who is stupid enough to buy Pandora? They have nothing that cannot be duplicated. To be honest, the same is true of Netflix- a collection of contracts and a server farm. BFD.