The most popular Music App in the tech world, Pandora announced the unfortunate cost cutting plan as it intend to let go of its 5% of the employees. The reason behind this bold decision can be guessed easily. Spotify, an emerging music company has filled to go public just this month and Pandora can already feel the heat of the competition.So the company intends to invest more in its marketing venture, shifting its focus on automated ads.
In a press conference today, the CEO of Pandora, Roger Lynch said
“As I shared last quarter, we know where and how to invest in order to grow,We have an aggressive plan in place that includes strategic investments in our priorities: ad-tech, product, content, partnerships and marketing. I am confident these changes will enable us to drive revenue and listener growth.”
The company is soon (probably in February) going to release it annual earning report which will make things more clear.