Wednesday, April 30, 2014

Pandora Reflection

TANK Consulting had many interesting alternatives in order for us to increase profitability. Pedal to the Metal Part 1 included some new ways for us to stream revenues such as expanding and leveraging our current advertising and market penetration. Using social media such as Facebook and Twitter, we can increase our brand awareness amongst a wide range of consumers. I do enjoy the idea of an interactive Open Mic Contest, and I think this can positively build our brand and consumer base. After building brand awareness and consumer base, I think that it would be beneficial to host something similar to an annual music festival. As Pandora grows, I think we can also host a concert with a number artists from different genres, and possibly some upcoming/independent artists, if appropriate. We can advertise through radio stations nationally, as well as satellite radio. We can sell tickets through Ticketmaster, TicketWeb, StubHub, and our very own website and mobile app. With the increase of concerts and shows thrown by Pandora, we can also sponsor music related events. Going viral with sponsorships, and festivals can increase our brand awareness and consumer base, which can hopefully lead to an IPO later on down the line.

I do not recommend liquidation at all because we are the first to introduce the internet radio and I am certain it will quickly expand with more users and competitors. If we aggressively promote our product, we can increase our consumer loyalty while gaining new users, which will play a key role in our execution and sponsorship of shows and concerts. Another suggestion from TANK Consulting that I found interesting would be offering tickets to these shows and concerts through our website and mobile app. This makes it easy for users to see when and where their favorite artists are playing and gives them the ability to purchase tickets with just a few clicks. Overall, TANK had many considerable alternatives to open and expand our revenue streams and I think we should keep looking forward into the age of technology and music fused together to make the experience of online radio more enjoyable.

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