Pandora Media Inc. shares jumped Tuesday after the company
released figures showing gains in active listeners in the U.S. radio market,
which suggested the Internet radio leader is withstanding the challenge from
Apple Inc.’s new iTunes Radio service.
According to Marketwatch, Pandora shares ended the day up by
almost 9%, at $27.88, after the company said that users listened to 1.47
billion hours of music and programming on the service during October, an 18%
increase from a year ago.
The company nearly matched the 1.49 billion listener hours
it reported in March, which was one month prior to Pandora implementing a cap
on free-listening on mobile devices to 40 hours a month. Pandora lifted that
cap on September 1, not long before Apple launched iTunes Radio.
Apple Chief Executive Tim Cook said in October that 20
million people had used iTunes radio in the first month it was available.
Pandora said Tuesday that it ended the month with almost 71 million active
listeners, compared with 59.2 million listeners a year ago.
No comments:
Post a Comment