Pandora Media Inc (NYSE:P) took over Next Big Sound to strengthen ad products business. Following the acquisition, Next Big will continue to conduct normal operations from within Pandora.
Pandora offers a marketing platform for artists along with Artist Audio Messaging, a native ad format. The takeover will help Pandora to strengthen its advertising platform for publishers, agents, labels, promoters, managers and other trademarks in the music industry. Next Big is engaged in integrating music consumption data into a single centralized platform.
The company will be able to collect and analyze data for music developers. It will benefit marketers, labels and music developers, who are looking for more information about their fans and artists.
Pandora currently has insights to over 80 million active users on monthly basis. This data along with the current insights of Next Big will be a big opportunity for the music industry. Pandora Media Inc (NYSE:P) will be able to expand its data driven products portfolio.
Next Big analytics helps the music industry to measure ROI. It plays a vital role in understanding the effectiveness of promotional and marketing events like press interviews, TV appearances and news releases.
It offers a helping hand for the promoters, publishers, labels, managers, artists and agents in taking effective marketing decisions.
The music industry will be able to pinpoint highly capable artists with the help of prediction algorithms of Next Big.
Next Big, which quickly find a place in the analytical sphere, provides analyses for the recording firms. The merger allows Next Big access to the data stores of Pandora.
The amalgamation of the analytical capabilities of Next Big with listening capabilities of Pandora creates a vital data for the music industry. According to the Chief Executive at Pandora, Brian P McAndrews, it is a win win situation for the promoters, artists, agents and the music industry alike.
He expressed happiness in finding a great partner to move the music industry to great heights.
Pandora Media Inc (NYSE:P) commands a regular user base of 79 million.
