Pandora is trying to find new revenue streams to support its $11 billion IPO
The social media giant has just announced it will launch a new service that allows people to listen to and stream music for free.
This new service will be called Pandora Free, and it will be available in Canada and the U.S. on the company’s mobile app.
According to the company, the service will let people stream music and video for free from a variety of sources including the company itself, as well as third parties like YouTube, TuneIn, SoundCloud, and others.
The company’s announcement comes less than a month after it closed its first-ever fundraising round, raising $3.7 million from investors including the likes of the Walt Disney Company and the Winklevoss twins.
The service, called Pandora Premium, will cost $7.99 per month, which is $1 less than the current service, but it will still offer an unlimited amount of music for $9.99 a month.
The price of the service has not been revealed, but the company expects it to launch by the end of the year.
It will also allow people to stream music on devices like the Apple TV and Roku, but not from the company.
The new service is likely a follow-up to Pandora’s $2.9 billion IPO earlier this year.
Pandora is now the second-largest music service in the world, behind Spotify, and its CEO, Brian Chesky, has said that the company will invest $10 billion in the service over the next four years.
The music giant’s IPO comes as the tech industry struggles to find ways to generate sustainable revenue from streaming services like Spotify and Pandora.
Pandora, which had about 80 million users at the time of its initial public offering in August, has since experienced a huge decline in user numbers and is now down to less than 10 million users.
While Spotify and YouTube have seen massive growth in recent years, the companies are facing growing competition from streaming competitors like Apple Music, Pandora Premium and Google Play Music.
Pandora currently has about 1.6 billion songs on the service, according to its latest estimates.
Pandora has already said that it wants to invest more in music in order to compete with Apple and Google.
In March, Pandora reported that it would invest more than $10 million in a new digital music service that it is now calling Pandora Plus.