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Just a few weeks ago, Pandora Media held an event, which took place at a bar in the Manhattan area. Pandora is known for being a popular Internet radio service, allowing people to listen to the music they love without having to deal with the hassle of hearing musical selections that they simply cannot stand. During the event, Pandora mingled with many advertisers. And, most of those advertisers were local.
The vast majority of clients consisted of local businesses with smaller budgets instead of the expected corporate accounts that have millions to spend on advertising. In fact, most of the local advertisers have a budget of $20,000 or less each month. But, Pandora is focusing on helping these advertisers with a specific strategy.
The pitch that Pandora has set is to offer a technology that caters to the consumers, identifying them based on a number of different factors, which includes their age, sex, location, and their taste in music, which is a way of effectively displaying advertisements that would actually be liked by the consumer, instead of displaying advertisements that the consumer would have absolutely no interest in. And, as Pandora continues to grow and expand, it will eventually become the top station in a number of different cities.
Many believe that spending money for advertising with Pandora is a much wiser decision than spending it on the regular terrestrial radio. Pandora has had a lot of success and continues to grow and expand, so it would simply be a strategic move for any business, big or small, to want to advertise on this popular Internet radio station.
Pandora first came online in 2005, offering free music to listeners and allowing them to choose music based on their own personal preference. It has had some explosive growth within the past few years, especially the last two. Pandora currently has 125 million registered listeners and its revenue share has increased by millions, most of it which comes from advertising.
The best way for Pandora to continuing expanding and be as profitable as possible is through the local advertisements. They are the key component for Pandora and its success in the future. In this year alone, there have been 400 local advertising campaigns running on Pandora. One of the clients is Planet Honda, which is located in Union, New Jersey. The different advertisement campaigns come from all different parts of the country. And, with the zip code targeting that Pandora has to offer to its advertisers, there has been a lot of success for the companies being advertised simply because consumers are being targeted based on their location and likelihood. This is generally what makes Pandora even more attractive to advertisers.
Advertising Resources is a weekly column authored by AdvertisingCrossing, the nation's leading advertising jobsite dedicated to getting jobs for advertising professionals.
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