Pandora Reducing US Workforce by 7%
Pandora intends to reduce its US workforce by 7% this quarter, the company said in a statement this week.
“In an effort to ensure continued execution across core initiatives in 2017, we took a comprehensive look at our operations and made the hard decisions necessary to focus the company on the most significant opportunities in front of us,” said Tim Westergren, the CEO of the music streaming service, in a letter to shareholders. “As a result, we reduced our US employee base by 7% and said goodbye to colleagues who have worked tirelessly to make Pandora the force it is today.”
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Ticketfly, Pandora’s online ticketing service, will not be affected by the layoffs, according to Westergren, who notes that revenue for the parent company continues to grow despite the job terminations. Pandora is slated to announce its financial earnings for the fourth quarter of 2016 on February 9.
The company operates in a heated market: Spotify is an incumbent, while Apple, Google, and Amazon offer competing services as well.
