|Type of paper:||Research proposal|
|Categories:||Music Company SWOT analysis|
Pandora is the creator of the Music Genome project is a music company that debuted in 2000 to create a new online music streaming standard (Barretta, 2017). The largest consumers of this company are the young music lovers with a representation of listened with the age brackets of 35-44, 25-34, and 18-24. Pandora Company faces stiff competition from Last.FM, TuneIn, and iHeartradio who have fluctuating degrees of success and borrows the "radio station" model of Pandora (Schuller & Greenland, 2013).
The ability to use a successful radio-style programming
Ability to have more 78% of people who own smartphones that help them consume music
Lower audience representation among people who are above the age of 45
Ability to attract more audiences in the age group of 35-44, 25-34, and 18-24
Discovery of new music through classmates and friends (Haile, 2016).
SiriusXM acquiring the successful radio-style programming used by the company
Influence from those consumers above the age of 45
The study compared the adult online population in the United States, where the music lovers comprised mostly of young people within the age bracket of 18-24, 25-34, and 35-44. In this study, it was realized that the audience above 45 years recorded the lowest representation. The research was based on two groups, namely Gen Zs and Gen Ys.
Time and Costs
In the United States, streaming services across the nation were recorded at 80% of overall revenue yielded by the music industry in 2019. In essence, the tax was approximately $ 4.3 billion. In that year, the streaming services revenue increased by 26% YoY, which included paid ad-supported stream and subscriptions. By 2023, the streaming market is expected to rise by 16%. The increase in revenue shall allow the company to expand its sales at a robust rate.
Product and Market
The product of Pandora Company is to offer online music streaming to its customers. The company obtains revenue through taxes paid in the form of ad-supported streams and subscriptions. Subscription is the leading contributor of revenue to the company, such as Apple music. The market of music streaming is expected to register a robust growth to create opportunities for market players to increase their sales (Nassauer, 2019).
According to the streaming services report in 2019, it was reported that a 31% rise was paid for the subscription, which was about 62% of the total revenue of the music industry. The number of people who paid for subscription was about 113 million subscribers. The people who subscribed to Apple Music was 56 million subscribers.
The majority of Pandora online music streaming is the youths within the age group of 18-45. Music can be found through the use of smartphone devices, friends, and classmates. They use their smartphone to access the online streaming of music for consumption. (AEgidius, 2019) By using radio-style programming, the Pandora Company can attract them to stay competitive in the streaming service industry. The quality of the music determines the rate of subscription.
Barretta, P. G. (2017). Tracing the color line in the American music market and its effect on contemporary music marketing. Arts and the Market, 7(2), 213-234. https://doi.org/10.1108/aam-08-2016-0016
Haile, M. (2016). Modelling of SWOT Analysis Using Fuzzy Integrals. https://doi.org/10.15405/epsbs.2016.08.12Nassauer, A. (2019). Situational Breakdowns Beyond Protest Violence. Situational Breakdowns, 129-168. https://doi.org/10.1093/oso/9780190922061.003.0010
Schuller, G., & Greenland, T. H. (2013). Third stream. Oxford Music Online. https://doi.org/10.1093/gmo/9781561592630.article.a2252527AEgidius, A. L. (2019). Music Radio as a Format Remediated for Stream-Based Music Use. Music Radio. https://doi.org/10.5040/9781501343247.0022
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