James Delahunty
5 Nov 2013 18:24
Internet radio service Pandora witnessed its market share grow last month, despite the launch of Apple's competing iTunes Radio service.
Pandora CFO Michael Herring said that hours of listening grew 9 percent in October over September, and its share of U.S. radio listening grow to 8.06 percent from 7.77 percent when iTunes Radio began operations.
"October data was in line with our expectations and showed the resilience of our business," he told a Morgan Stanley conference in San Francisco yesterday.
The service streamed 1.47 billion hours of content during the month of October, though the number of active users fell from 72.7 million in September to 70.9 million in October.
Pandora is considering whether to use some of the $400 million it raised in a stock offering in September toward overseas expansion beyond the U.S., Australia and New Zealand. Such an expansion will force Pandora to seek licensing agreements with record companies.