NEW YORK (TheStreet) -- Pandora (P) is making an effort to implement big changes as competition in the music streaming industry continues to rise.

The company attended the Cannes Lions Festival in the French Riviera this week to connect with companies and advertising partners.

At the biggest ad conference of the year Pandora, who streams more hours of music every week than YouTube streams video, is focused on qualifying their clients and agency partners and getting them in front of the right brand, Pandora's CEO Tim Westergren told CNBC reporter Kayla Tausche today on "Squawk Alley." 

The company announced a new product called visual ad experience a few weeks ago that essentially uses an individual's visual engagement on a phone and the Pandora app, which allows the user to interact with an ad that responds to how you use your phone, CEO Westergren said.

Pandora expects to see a growth in revenue come from not only bringing more advertisers into its core business but also from more advertising products the company can sell to advertisers.

"We are going to continue to grow the audience which will add inventory. We will keep that sell going. It's making the ads more valuable so optimizing the cpms, the rates. That's about mining data. We are a warehouse of data on Pandora," Westergren added.

Pandora is quickly coming out with new products to create a better listening experience for its audience and gaining shareholder value by creating a one-stop shop for music.

"So a place where as a listener you can go for everything. A radio experience, want to lean back and be entertained, build play lists, get more interactive, discover live performance and buy tickets. We want to be a hub that satisfies all of your desires and will have a lot of partners to do that with," Westergren continued.

The average listening hours for Pandora in April was up in the single digits but Spotify, it's competitor, was up more than 30%, Taushe reported on "Squawk Alley." 

The company is not only focused on improving the core product by adding on demand listening capabilities but also making play listing better and driving more distribution, specifically car models.

Their target is to expand the product by the fall to create a unique experience.

Shares of Pandora Media are trading up by 3.2% to $11.93 on Monday.

Separately, TheStreet Ratings team has the company as a sell with a ratings score of D. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, poor profit margins, weak operating cash flow and generally disappointing historical performance in the stock itself.

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. 

You can view the full analysis from the report here: P

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