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Greenfield's analysis is as absurd as it is thin and meaningless. It would be like me pointing to the disparity in the number of reviews users have written for the Pandora app (633,606) vs. the Songza platform (4,747). That's just another piece of out-of-context tripe.

Greenfield would then point to the fact that Songza has a higher review rating than Pandora (more tripe, but he actually included it in his analysis).

The ax Greenfield wields at Pandora makes his bearishness appear personal.

In the same report, he notes that Apple's (AAPL) integration of Siri into the car levels "the playing field for music applications..." He goes on to snark:

While Pandora issues one or more press releases a week talking about their car integration, Apple enabling Siri in your car means voice commands will enable easy navigation of your smart phone apps (Songza, Spotify, Rdio, Pandora, etc), eliminating Pandora's current integration advantage.

"One or more press releases a week..." Interesting. You do not need credentials to access Pandora's Investor Relations Web site. How about one or two a month that discuss in-car integration.

And exactly how does the Siri development "eliminate Pandora's current integration advantage"? Did satellite radio "eliminate" terrestrial radio's integration advantage? Did Pandora eliminate satellite radio's integration advantage? Of course not. The sky is not falling.

Integration is more about brand building and less about access. Certainly access matters, but if there's a will, there's a way to take what you want to hear with you -- with or without Siri and with or without integration. This is 2012.

Simply stated, this is how business, particularly in the tech/Internet/new media space rolls. It does not stand still.

We're in the middle of an exciting time period. Entrepreneurs from across the globe are creating, reinventing, tinkering and disrupting. It's a beautiful time.

Spotify is fantastic. Songza is as well. I would guess that the founders of each of those companies have deep respect for one another. And they realize some will win, some will lose, some will join forces and more than a few will coexist.

It's too bad analysts such as Greenfield do not have more respect for the intellectual capacity of the people who consume their "notes." This is not the first time he has urged concern with respect to Pandora. At some point, it becomes less about the actual merits of a business model or a stock and more about whether or not an analyst can make him or herself look good and ultimately correct.

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