Despite Competitors, Pandora Listening Still Strong
November 5, 2013
Pandora CFO Michael Herring says that, despite Apple's launch of iTunes Radio in September, his company's popular streaming music service has only seen its listenership go up. Speaking at a Morgan Stanley conference in San Francisco on Monday, Herring revealed that Pandora's hours of listening increased nine percent from September to October, reports Bloomberg.
According to its own October metrics, which were released today, Pandora’s share of U.S. radio listening grew to 8.06 percent last month, up from 7.77 percent when iTunes Radio began operating. Herring said yesterday, "October data was in line with our expectations and showed the resilience of our business."
Additionally, Pandora streamed 1.47 billion hours of music and other content last month, while the service had 70.9 million active users in October, which was down from 72.7 million in September.
Bloomberg reports that Herring said Pandora could use some of the money raised in a September stock offering to expand overseas. Pandora brought in almost $400 million in that offering. However, Herring noted that growth outside the States could require new licensing agreements with record labels that may require upfront payments.
"We hope to prove what we have been doing in Australia and New Zealand is positive for musicians and the overall industry," Herring said.