• It's Here!

    Etf Pro

    Get the big financial market moves right, bullish or bearish with Hedgeye’s ETF Pro.

  • It's Here


    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

Takeaway: Join us for our call TODAY at 1pm EST outlining our Best Idea Short thesis on P. Dialing Instructions below.

We will be hosting a call today outlining our Best Idea Short thesis on Pandora Media (P).  P’s user retention issues and waning TAM create a precarious setup into 2015.  Further, Webcaster IV can derail P's entire business model in 2016.


Join us for our call TODAY at 1:00pm EST.



  • Users to Decline in 2015: P’s waning TAM isn’t large enough to compensate for its heightened attrition issues.
  • Tug of War: P will need to continue increasing ad load to drive much of its revenue growth, which will exacerbate its attrition issues.
  • Lofty Consensus Revenue: P would require a considerable acceleration in ARPU growth to hit 2015 estimates.  If P falls short in 2015, 2016 would be unattainable.
  • Webcaster IV = Powder Keg: Anything short of the best case scenario won't be good enough.  P may have to curb hours/exit certain markets in 2016, curbing its long-term prospects


Toll-Free Number:

Toll Number:

Conference ID/Password: 13598859

Materials: CLICK HERE (link will go live an hour before the call)

Hesham Shaaban, CFA