Today brings dual announcements from Pandora. First, the audio platform has completed its acquisition of AdsWizz. The buy was initially announced in March. AdsWizz will continue to operate as a standalone subsidiary under the leadership of CEO Alexis van de Wyer. The closing price was $66.3 million in cash and 9.9 million shares of Pandora common stock, with an additional $5 million in cash payable based on meeting milestones.
“Audio is the fastest growing format in digital advertising and the marketplace is rapidly evolving,” Pandora CEO Roger Lynch said. “Completing the acquisition cements our position in the future of audio, making us more ready than ever to serve publishers and brands worldwide.”
“We built the AdsWizz platform using innovative technology in service of a simple idea: provide value to all stakeholders in the digital audio ecosystem – including brands, listeners and publishers – with relevant, engaged and highly targeted advertising experiences,” said van de Wyer. “This will not change. We will continue to focus on building the best technology in the industry for our publisher partners everywhere, and on continuing to innovate and enhance our platform, which will be accessible to all.”
The second item is Pandora’s addition of a family plan. This Premium Family tier allows up to six people to share an account, each with their own profiles and Pandora Premium benefits. The tier is available for $15 per month, making it priced competitively to the family plans from Spotify and Apple Music.