Pandora Media boosts internet radio market share after Apple starts service
Pandora Media, the largest US internet radio service, said its market share increased after Apple unveiled the competing iTunes Radio.
Hours of listening grew 9 per cent last month from September, when the Apple service was introduced, Michael Herring, Pandora's chief financial officer, said on Monday in San Francisco.
The results show Pandora withstanding Apple's challenge. The company already dominates rivals including iHeartRadio, from Clear Channel Communications. Pandora's share of US radio listening expanded to 8.06 per cent in October from 7.77 per cent when iTunes radio began operating, he said.
"October data was in line with our expectations and showed the resilience of our business," Herring 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 in October 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 its September 18 start.
Pandora might use some of the almost US$400 million raised in a September stock offering for international expansion, Herring said. Pandora operates in the US, Australia and New Zealand.
"We hope to prove what we have been doing in Australia and New Zealand is positive for musicians and the overall industry."