Changes for page Pandora Media
Last modified by Asif Farooqui on 2019/12/16 16:20
Change comment:
There is no comment for this version
Summary
-
Page properties (1 modified, 0 added, 0 removed)
Details
- Page properties
-
- Content
-
... ... @@ -4,42 +4,29 @@ 4 4 5 5 = Paragraph 1 = 6 6 7 - Pandora is theworld’smostpowerfulmusicdiscovery platform,offeringapersonalized experienceforeach ofits listenerswherever and whenever they want tolistento music—whetherthroughearbuds, car speakers or home audio/videoequipment. Thecompany'svisions to be thedefinitivesourceofmusicdiscoveryandenjoyment for billionsofusers.Pandoraisavailableasanad-supportedservice, aradio subscriptionservice called PandoraPlusandanon-demand subscriptionservicecalled PandoraPremium.Themajorityofitslistenerhours occuron mobile devices, with the majorityofitsrevenuegeneratedfrom advertisingon its ad-supportedserviceonthesedevices. The company offer bothlocalandnationaladvertiserstheopportunityto delivertargetedmessagesto its listenersusingaombinationof audio, display and videoadvertisements.The companyalsogeneraterevenue fromsubscriptionstoPandoraPlusandPandora Premium.Founded by musicians,Pandora alsoempowers artistswith valuable dataandtoolsohelp grow their careers and connect with theirfans.7 +Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. 8 8 9 - Atthe heart of its service is its set of proprietary personalization technologies, including the Music Genome Project and its playlist generating algorithms. The Music Genome Project is a database of over 1,500,000 uniquely analyzed songs from over 200,000 artists, spanning over 660 genres and sub-genres, which its team of trained musicologists has developed one songat a time by evaluating and cataloging each song’s particular attributes. The Music Genome Project database is a subset of its full catalogavailable to be played. When a listenerentersasingle song, artist, comedian or genre to start a station, the Pandora service instantly generates a station thatplays music or comedy thecompany think that listener will enjoy. Over time, its service has evolved by using data science to further tailor the listener experience based on listener reactions to the recordings the company pick. Listeners also have the ability to add variety to and rename stations, which further allows for the personalization of its service. Pandora Media has integrated this technology into Pandora Premium, giving listeners the ability to search and play any track or album as well as offering unique playlist features tailored to each listener's distinct preferences.9 +== Sub-paragraph == 10 10 11 - Forthethreemonths endedSeptember30,2017,thecompanystreamed5.15 billionhours ofradio,andasofSeptember30,2017,the company had73.7millionactive usersduringtheior 30-day periodand 5.19 million paidsubscribers.SincethecompanylaunchedthePandoraservice in2005itslistenershavecreatedover12 billion stations.11 +Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. 12 12 13 - Thecompany currentlyprovide the Pandoraservice throughthree models:13 +== Sub-paragraph == 14 14 15 -* Ad-Supported Service. The company's ad-supported Pandora service allows listeners to access its music and comedy catalogs and personalized playlist generating system for free across all of its delivery platforms. Listeners can obtain more features, such as skips and the ability to replay tracks, by watching an advertisement. 16 -* Subscription Service—Pandora Plus. Pandora Plus is a paid, ad-free subscription version of the Pandora service that includes replays, additional skipping, offline listening, higher quality audio on supported devices and longer timeout-free listening. 17 -* Subscription Service—Pandora Premium. The company's on-demand subscription service, Pandora Premium, launched to select listeners on March 15, 2017, with general availability in the United States on April 18, 2017. Pandora Premium is a paid, ad-free version of the Pandora service that offers a unique, on-demand experience, providing users with the ability to search, play and collect songs and albums, build playlists on their own or with the tap of a button and automatically generates playlists based on the user’s listening activity. The features of Pandora Plus are also included in Pandora Premium. 15 +Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. 18 18 19 - Akey element of its strategy is to make the Pandora service available everywhere that there is internet connectivity. To this end, the company make the Pandora service available through a variety of distribution channels. In addition to streaming its service to computers, Pandora Media has developed Pandora mobiledevice applications ("apps") forsmartphones and mobile operatingsystems, such as the iPhone and Androidand for tablets including the iPad and Android tablets. The company distribute thosemobile apps free to listeners via app stores.17 +=== Sub-sub paragraph === 20 20 21 - The companyexpecttocontinuetomake enhancementstoPandora Plusand Pandora Premium, which will requireengineering effort,aswellasotherresources. In addition,inonnection withthelaunch and continuedoperationof these servicesPandoraMediahasentered into directlicenseagreementswithmajorandindependentrecord labels, some of which include substantial minimumguarantee payments. Inorderfor Pandora PlusandPandoraPremiumto besuccessful,thecompany will needto attractsubscribers to thesenew service offerings. The marketforsubscription-basedmusic services, including on-demandservices,is intenselycompetitive,and its ability to realize a returnon its investmentsin theseservice offerings will dependon its ability toleveragetheexisting audienceofsad-supported service, its brandawareness anditsabilityto deliverdifferentiatedsubscriptionservices withfeaturesand functionalitythatlistenersfind attractive.Referto its discussionofthesemattersinItem1A—"RiskFactors".19 +Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. 22 22 23 -**Ticketing Service** 24 24 25 - Thecompany completed the sale of Ticketfly on September 1, 2017.Prior to the date of disposition, the company operated its ticketingservice through its former subsidiary Ticketfly, a leading live events technology company thatprovidesticketing and marketing software and services for clients, which are venues and event promoters, across North America. Ticketfly's ticketing, digital marketing and analytics software helps promoters book talent, sell tickets and drive in-venue revenue, while Ticketfly's consumer tools help fans find and purchase tickets to events. Tickets are primarily sold through the Ticketfly platform but are also sold through other channels such as box offices.22 += Paragraph 2 = 26 26 27 - Ticketfly'splatformprovidesticketingandmarketingservicesforvenuesand eventpromotersacrossNorthAmericaand makesiteasyforfansto findand purchasetickets toevents,andalsogivesrtistsameanstomoreeffectivelypromotetheirevents.The companyalsoconnectitslistenerstoeventsthroughpromotionson itsinternetradioservice.24 +Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. 28 28 29 - Referto Note 6 "Dispositions" in the Notes to Condensed Consolidated Financial Statements forfurther details on theTicketfly disposition.26 +== Sub-paragraph == 30 30 31 - ====RecentEvents====28 +Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. 32 32 33 - ConvertibleRedeemable PreferredStock30 +== Sub-paragraph == 34 34 35 -In June 2017, the company entered into an agreement with Sirius XM Radio, Inc. ("Sirius XM") to sell 480,000 shares of Series A redeemable convertible preferred stock ("Series A") for $1,000 per share, with gross proceeds of $480.0 million. The Series A shares were issued in two rounds: an initial closing of 172,500 shares for $172.5 million that occurred on June 9, 2017 upon signing the agreement with Sirius XM, and an additional closing of 307,500 shares for $307.5 million that occurred on September 22, 2017 upon the receipt of antitrust clearance and the completion of other customary closing conditions. Refer to Note 10 "Redeemable Convertible Preferred Stock" in the Notes to Condensed Consolidated Financial Statements for further details on the redeemable convertible preferred stock sale. 36 - 37 -==== Ticketfly Disposition ==== 38 - 39 -On September 1, 2017, the company completed the sale of Ticketfly, its ticketing service segment, to Eventbrite Inc. ("Eventbrite") for an aggregate unadjusted purchase price of $200.0 million. The aggregate unadjusted purchase price consists of $150.0 million in cash and a $50.0 million Convertible Promissory Note, which were paid and issued at the closing of the transaction. The Convertible Promissory Note was recorded at its fair value at the date of sale, which resulted in a discount of $13.8 million. The aggregate purchase price was further reduced by $4.9 million in costs to sell and $8.6 million in working capital adjustments and certain indemnification provisions, for a net purchase price of $172.7 million. Refer to Note 8 "Convertible Promissory Note Receivable" in the Notes to Condensed Consolidated Financial Statements for further details on the Convertible Promissory Note. In the three months ended June 30, 2017, the assets and liabilities of Ticketfly were classified as held for sale, and the company recognized a goodwill impairment charge of $131.7 million. The impairment charge was based on the fair value of the net assets as implied by the estimated purchase price of $184.5 million as of June 30, 2017. In the three months ended September 30, 2017, the company recognized a loss on sale of $9.4 million in the general and administrative line item on its Condensed Consolidated Statements of Operations, which was based on an adjusted net purchase price of $172.7 million as of September 1, 2017. Refer to Note 6 "Dispositions" in the Notes to Condensed Consolidated Financial Statements for further details on the Ticketfly disposition. KXMZ Disposition 40 - 41 -On August 31, 2017, the company completed the sale of KXMZ, an FM radio station based in Rapid City, South Dakota. The sale did not result in a material impact to its condensed consolidated financial statements. Refer to Note 6 "Dispositions" in the Notes to Condensed Consolidated Financial Statements for further details on the KXMZ disposition. Australia and New Zealand 42 - 43 -On June 27, 2017, the company announced a plan to discontinue business activities in Australia and New Zealand. The related restructuring charges in the nine months ended September 30, 2017 primarily relate to a reduction of headcount of approximately 50 employees, which resulted in employee severance and benefits costs offset by a credit related to non-cash stock-based compensation expense reversals for unvested equity awards. The dissolution of the Australia and New Zealand business operations was substantially completed in the three months ended September 30, 2017. These restructuring charges did not have a material impact on its financial statements. 44 - 45 - 32 +Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.