The streaming pure-play is banking on the fact that millions of American consumers, who've gotten into the habit of not paying much, if anything at all, for music, will pay a monthly fee for their service. And Pandora CEO Tim Westergren is very confident he has the product those consumers will pay for.
Whatever the reason or reasons, Pandora's revenue did not meet expectations and the stock price was reflecting that late Tuesday. Revenue was approximately $352 million, $8 million below the low end of Pandora's own guidance range. CFO Mike Herring blamed the miss on a soft advertising market, especially in national business, and overall softness in digital advertising.
That's what Pandora CEO Tim Westergren told investors Tuesday when the topic of local ad sales came up. And that includes at least one local mattress store in Dallas. Westergren, who has 154 local sales reps on his payroll, said when sellers come over from iHeartMedia or Cumulus they say it's like they received Willy Wonka's Golden Ticket. And, he still believes Pandora has 10% of all radio listening in the United States.
Yesterday, we told you about state Senator Chris Walters (pictured) who sent a “cease and desist” letter to several Charleston radio companies, demanding they stop running ads that he says falsely claim he testified on behalf of a convicted child molester. While none of those radio companies responded to our request to discuss the issue, broadcast attorney John Garziglia helped us out with an explanation on what managers facing the same issue might be up against.
In its new U.S. Local Advertising Forecast 2017, BIA/Kelsey, projects total local advertising revenues in the U.S. to reach $148.8 billion in 2017, up from $145.2 billion this year, representing a growth rate of 2.4 percent.
At Forecast 2017, the “Independent and Optimistic: Why Smaller Can Be Better — And More Profitable” panel of experts will answer questions and share practical lessons that apply to both independents and owners with standalone stations in any market.
Matt Leucking (pictured) worked for Emmis' WTHI in Terre Haute. Police found Leucking’s body in his apartment Monday morning after making a wellness check. They knew right away they were dealing with a homicide. The cause of his death has not yet been released but three arrests have already been made in the case.
CBS Radio has chosen Radiate Media as its new broadcast content traffic partner, effective April 1, 2017. Radiate Media will supply CBS Radio stations with customized traffic data for its over-the-air stations, operating in 26 markets as well as on corresponding station websites. CBS Radio has been using iHeartMedia's Total Traffic product for the last 10 years.
Bringing CBS Radio's 117 radio stations into the Radiate Media fold is certainly a big deal. CBS had been locked into a 10-year deal with Total Traffic & Weather which is owned by iHeartMedia. Radiate Media formed as an independent company back in 2011 and today provides over 1,000 radio stations, including every Cumulus station, with traffic information.
The radio stations are WCYM-FM in Attica, WBPE-FM in Brookston, and WAZY-FM and WSHY-AM in Lafayette. Artistic Media Partners is selling the stations to Lafayette TV. Artistic also owns WDND-AM in South Bend, IN. Lafayette TV is an Indiana-based company headed by Bill Christian and Mike Reed. KALIL & CO. was the broker on the deal.
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As Beasley gets ready to close on its purchase of Greater Media, Justin Chase takes on a bigger role as Executive Vice President of Programming. Chase was VP of Programming since 2013, after four years of service as Operations Manager for Beasley's cluster in Vegas.
Jeff Warshaw's Connoisseur Media has hired Lisa Sonnenklar as COO of Connoisseur's Integrated Solutions Division. Warshaw said, "Using our potent mix of radio, digital, and event marketing assets, we have been able to get tremendous ROI and visibility for many of our clients. We are now putting even more firepower into these efforts. We are delighted to welcome Lisa into the Connoisseur family.”
It's a newly created position for McHale who comes to CBS Radio from American Apparel, where he was SVP and Chief Information Officer and responsible for rebuilding the entire IT organization from the ground up.
That’s Tino Cochino, who will be behind the mic weeknights, 7-10 p.m. on Portland's WE 96.3 (KWEE) starting Monday, October 24.
Nationally syndicated talker Dave Ramsey hosted his Smart Conference to a packed crowd in Houston at Grace Community Church Saturday. Ramsey teamed up with AM 700 KSEV to bring in the crowd.
Triton Digital released its ranker for August 2016 and the company says, when compared to July 2016, the Sports format showed the largest listening gain with a 12.9 percent increase in Average Active Sessions, followed by Adult Contemporary (12.7%), Country (10.5%), Classic Rock (9.9%), and Top 40 (CHR) (7.6%). Check out the full August 2016 Triton Digital ranker HERE.
The shows are The West Wing Weekly, co-hosted by Hrishikesh Hirway (of Radiotopia’s Song Exploder) and acclaimed actor Joshua Malina; and The Bugle, a satirical comedy podcast, founded by John Oliver and Andy Zaltzman.
Pastor Rick Warren’s daily half-hour show Daily Hope can be now heard on iHeartRadio. The show, which debuted in 2013, centers around a lifetime of scriptural teaching by Warren.