"When Oakland-based music service Pandora marked its tenth anniversary in September 2015, it had plenty to celebrate. The company was on track to surpass $1 billion in annual revenue for the first time and was drawing 81 million monthly listeners. In its first decade, Pandora users had created eight billion stations, logged 74 billion hours of listening, and rated 55 billion songs with its signature thumbs up and down buttons."
"But the momentum was already fading. Pandora's audience had peaked the year before, and growth had stalled as listeners shifted to Spotify. Apple Music, launched that June, only heightened the competition. Pandora scrambled to adapt, acquiring a data company, a ticketing business, and a bankrupt Spotify rival. None of it worked. The business kept slipping . . . The application deadline for Fast Company's Most Innovative Companies Awards is Friday, October 3, at 11:59 p.m. PT. Apply today."
Pandora celebrated its tenth anniversary in September 2015 with strong metrics: approaching $1 billion in annual revenue, 81 million monthly listeners, eight billion stations created, 74 billion listening hours, and 55 billion song ratings. Momentum began to fade after an audience peak the previous year as listeners shifted to Spotify and competition intensified with Apple Music's June launch. Pandora pursued acquisitions including a data company, a ticketing business, and a bankrupt Spotify rival to regain momentum. Those acquisitions failed to reverse the trend, and the company's business continued to slip.
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