Friday, March 8, 2013

Pandora Radio CEO Steps Down

Joe Kennedy
Pandora CEO Joseph Kennedy announced he will step down as soon as the company can find someone to fill his shoes, according to a report by Forbes.

The company announced late last year it had generated about $120 million in 2012, with profits of just over $2 million. Though 60 % higher than the year prior, the figure fell short of what analysts had predicted.

The company pays high costs for licensing the music it streams. In fact 61 % of revenues are dedicated to licensing.

Riding such a slim margin will likely raise the anxiety level in whomever takes over Kennedy’s post. Pandora, once a pioneer in the online radio category, has had to deal with new players in a game it helped go global.

No comments:

Post a Comment