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SIMPLE SUCCESS SOLUTIONS -  PART 1: CREATE A MISSION STATEMENT - PANDORA RADIO

SIMPLE SUCCESS SOLUTIONS -  PART 1: CREATE A MISSION STATEMENT - PANDORA RADIO
 

What does it take to be successful? Gulf Coast Business Credit’s "Simple Success Solutions" is a series which examines entrepreneurial and startup success stories. One way to be successful is to start with a well-crafted mission statement - and to stick to it!

Pandora Radio, a highly successful internet radio service, was once a startup company back in 2000.  They created a mission statement which was “To play only music you’ll love.” In order to carry out this mission statement, they started the Music Genome Project®.

The Music Genome Project allowed Pandora Radio to understand the type of music users like. They created a methodology based off a vast amount musicological information which allowed Pandora Radio to automate music recommendations specifically tailored for its users.

As of July 24, 2014, Pandora reported $218.9 million in total revenue.

“Our better than expected second quarter results demonstrate success and continued business acceleration as a result of our investments in mobile and local advertising. Mobile advertising reached a record 76% of total ad revenue and local grew at 144% year-over-year,” stated Brian McAndrews Chairman, President and CEO of Pandora. “As a company, we are united by Pandora’s clear sense of purpose to unleash the infinite power of music, and we’re attracting the brightest stars in the advertising, technology and music industries to help drive our business forward.”

Success can open many doors for your business. As you just read, Pandora attributes a large portion of their success to mobile and local advertising.

At Gulf Coast Business Credit (GCBC) we aid a variety of companies, including start-ups, through accounts receivable financing. Our mission is “To provide the simple growth solution.” To learn more about GCBC, please call 866-577-8867 or email us at gcbcinfo@gulfbank.com.

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Article Posted On: October 14, 2014

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