Pandora CEO Stepping Down After SiriusXM Sale
Pandora is being sold to SiriusXM, and as part of the sale, there is going to be some changes to the music streaming service. The biggest change comes as the CEO of Pandora, Roger Lynch is set to step down from the company once the sale is final of both companies.
Lynch has served as CEO of the streaming since 2017. The sale of Pandora into SiriusXM has already been approved in the EU and is currently waiting for finalization to occur in the US. SiriusXM is buying Pandora for $3.5 Billion.
Despite Lynch spending hundreds of millions of dollars to try to boost Pandora business, the music streaming service had a long history of losing customers. Pandora lost close to 4 million subscribers in the final quarter of 2018.
Jim Meyer, the CEO of SiriusXM will take over operational control of the new company once the sale is finished.
Apple Sees Surge In Services Even With Falling iPhone Sales
Apple has a pretty terrible second half of 2018. Overall, the company saw a decline in stock price and a massive slowing in iPhone sales. However, one thing to take note of is how much Apple’s services has increased.
Apple saw an increase of 19% in their services sales. What exactly is Apple’s Services? Well, that includes their Apple Music streaming service, iCloud services, and also their iTunes and App Store downloads.
Even with Apple selling less phones, they are doing really good with their service department. The 19% increase led to $10.9 Billion in revenue.
How Much Is Too Much To Spend On Streaming Services?
According to the Hollywood Reporter, Americans are willing to spend up to $16 a month for a streaming platform.