Pandora Media Inc (NYSE:P) is trending after the company’s on-demand paid service, Pandora Premium, opened to the broader public after being invite-only for months. The service, which costs $9.99 per month, is aimed to blunt competitor Spotify’s growth and offers subscribers the ability to listen to any track in Pandora’s collection, along with the traditional Pandora radio channels. Needless to say, Pandora Media Inc (NYSE:P) management hopes that the broader offering will ramp up growth and increase overall demand. Many holders of Pandora have been frustrated at the stock’s recent slide and some activists would like the company to sell itself. Having a successful premium product would go a long way to quell those equity holder concerns.
What Does The Smart Money Sentiment Say?
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The smart money was bullish on Pandora in the fourth quarter. Of the 742 elite funds we track, 58 funds owned $1.47 billion of Pandora Media Inc (NYSE:P) and accounted for 48.40% of the float on December 31, up from 50 and $1.54 billion on September 30.
The Bottom Line
Pandora Media Inc (NYSE:P) shares are in the spotlight due to the company making a premium product available to the broader public. For more reading, check out ‘11 Best Music Documentaries on Yotube‘.