Pandora ended the day with a gain of more than 14%, at $31.49, after the Internet-radio leader said that for December, its share of the U.S. radio listening market rose to 8.6% from 7.58% in 2012, while active listeners increased by 13%, to 76.2 million from December 2012, and total listener hours also rose 13%, to 1.58 billion, from 1.39 billion in the prior year.
Earlier Posting...
Pandora Media Inc. will begin offering an in-car advertising service this month, with national brands including Ford Motor Co. and Taco Bell taking part in the new effort, according to Marketwatch.
Advertisers will now have the opportunity to reach audiences through 15- and 30-second audio spots that will run across the 130 vehicle models that include a native Pandora integration, in addition to the more than 270 aftermarket automotive devices that feature the radio service. Pandora said its online radio service is available in nine out of the 10 best-selling passenger vehicles.
Separately, Pandora said more listeners tuned in to its online radio service and played more hours of music in December than a year earlier, driving an increase in market share for the company.
Pandora reported 1.58 billion listener hours for last month, up 13% from the same period a year earlier. Active listeners also grew 13% to 76.2 million.
The company's share of total U.S. radio listening last month was 8.6%, up from 7.6% at the same time a year earlier.
Higher listener hours have boosted Pandora's revenue, yet the company's losses have grown as it spent more money on content, sales and marketing.
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