Pandora Cuts 5% Of Staff In $45 Million Restructuring

Pandora Cuts 5% Of Staff In $45 Million Restructuring

Pandora laid off 5% of its workforce Wednesday as part of cost-cutting efforts to boost the slumping company.

The company expects this reorganization to save $45 million annually.

Pandora's restructuring comes at a critical juncture in the music streaming business. It's not immediately clear how many jobs these layoffs will affect.

In the same month that streaming music company Spotify filed to go public, and we heard that its U.S. rival Pandora is feeling the pinch of how challenging the digital music business continues to be. "Atlanta is a city with a rich history in music and a large pool of diverse tech talent that we can tap into as we scale", Pandora CEO Roger Lynch.

The company also disclosed its plans to expand presence and workforce in Atlanta, saying the lower costs of the region compared to its headquarters in Oakland, California, provides a "significant opportunity". Lynch, replacing company cofounder Tim Westergren.

The company's shifting resources to focus on ad tech and audience development, and flattening its structure overall.

Internet radio company Pandora said Wednesday that it will implement a broad restructuring, cut jobs and expand its operations in Atlanta and away from its Oakland headquarters.

A Pandora spokesperson said the company had no further comment on the restructuring, but would give more details when it reports its quarterly results on February 21.

Of the expected $45 million in savings, the company said $6.5 million to $8.5 million are related to employee severance and benefit costs.

Last year, Pandora laid off about 50 employees after it chose to shut down operations in Australia and New Zealand.

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