CEO of the massively popular online music service Pandora, Tim Westergren says there are no plans to sell the company as they will be profitable this year, despite falling stocks.
Speaking to CNBC, Pandora CEO Tim Westergren had a lot to say about how confident he is with his music company’s future, especially following the recent launch of their Premium streaming service. Westergren said: “We intend to be profitable this year. I am confident about our ability in this space. These are early days in the subscription of music and listeners don’t know what a real premium product looks like yet, and that’s what Pandora is.”
Westergren’s optimism shines through, despite the fact that Pandora’s losses more than doubled last year from $170 million in 2015 to $343 million at the end of 2016. In addition, the day after speaking to CNBC Wall Street showed Pandora’s stocks had fallen by -6.3%.
As the company faces off against rival streamers with it’s new paid, unlimited music streaming service, Westergren feels that they will be able to set themselves apart with the help of their 100 million monthly active users. He says:
“Ten or eleven years ago we created internet radio… We were the newcomer to the space. We built a much better product and here we are years later – the king of that category… We look at the subscription space right now and think no-one’s done it right. It’s the first generation of products, there’s 30 million songs in a search box, they’re not easy to use and only Pandora can do that right so we have a lot of confidence in our ability to compete in this category.”
Westergren also revealed that there were no plans to sell the company amidst rumours of an acquisition by Liberty Media’s SiriusXM, describing it as one of the “joys of being a public company”. He added that he is focussed on artist partnerships, advertisers and shareholders.