In the following video, Jeremy Phillips and Austin Smith discuss the future of Pandora.

Jeremy calls the company a "dumb pipe" that doesn't own its content, all while it goes up against Apple and, which have billions of dollars to play with as they seek to build on their market shares.

Austin notes that those two companies are willing to sustain losses in this business -- Apple for the sake of further developing its products' ecosystems -- and says there may be no winner in this market at all, as there are no economies of scale and costs keep rising. Even worse for Pandora is that it has no intellectual property, leaving its business ripe for disruption.

For more details, check out the video.