Pandora Adds $15 Family Plan, Completes AdsWizz Acquisition
Pandora has added an ad-free Premium family plan that includes up to 6 unique accounts for $14.99 per month. The plan closely mirrors similar plans and pricing from competitors Apple Music and Spotify.
Pandora's Family Plan is part of the music streamer's ongoing effort to convert more if its 80 million free U.S. users to paid.
Pandora also announced today that it has completed its acquisition of digital audio advertising technology AdsWizz.
"Audio is the fastest growing format in digital advertising and the marketplace is rapidly evolving,” said Pandora CEO Roger Lynch. “Completing the acquisition cements our position in the future of audio, making us more ready than ever to serve publishers and brands worldwide.”
Many use Pandora as a substitue for broadcast radio, particularly at work. AdsWizz technology, which is also used by iHeartRadio, Spotify, Deezer and others will help Pandora compete more aggressively for radio's programmatic ad dollars.
AdsWizz will operate as a standalone subsidiary of Pandora, continuing under founder Alexis van de Wyer’s leadership. At closing, Pandora paid $66.3 million in cash and 9.9 million shares of Pandora common stock. An additional $5 million in cash is payable upon achievement of certain milestone provisions in connection with the acquisition.