Tuesday, November 5, 2013

Pandora Withstands Apple’s ITunes Radio Challenge

Pandora Media said its market share increased after Apple Inc. unveiled the competing iTunes Radio, according to Bloomberg.

Hours of listening grew 9 percent last month from September, when the Apple service was introduced, Michael Herring, Pandora’s chief financial officer, said at a Morgan Stanley conference in San Francisco yesterday.

The results show Pandora withstanding Apple’s challenge. The company already dominates rivals including iHeartRadio, from Clear Channel Communications Inc.

Pandora’s share of U.S. radio listening expanded to 8.06 percent in October from 7.77 percent when iTunes radio began operating, Herring said.

“October data was in line with our expectations and showed the resilience of our business,” he said.

Pandora streamed 1.47 billion hours of music and other content in October, Herring said. The number of active users, at 70.9 million, fell slightly from the previous month, he said, when the company reported 72.7 million active listeners. Apple said more than 11 million users tried iTunes Radio in the first days after the Sept. 18 start.

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