Pandora Stock Close Up 8.6% After New Stats Suggest Apple’s iTunes Radio Not A Threat
UPDATE 2 4:30 ET – Pandora stock was up 8.61% at the close of trading Tuesday, a day after the company's CFO shared stats showing continued growth in the weeks after iTune's Radio launched.
Pandora listening hours grew 9% in October, despite the September launch of Apple's iTunes Radio, Pandora CFO Michael Herring shared at a Morgan Stanley conference yesterday. Pandora’s share of U.S. radio listening grew to 8.06% percent in October, up from 7.77% just prior to iTunes Radio debut, according Herring.
More new Pandora stats:
- Pandora streamed 1.47 billion hours of music in October
- Active users fell slightly 70.9 million from the previous month when the company reported 72.7 million active listeners
- Apple has said that 11 million users tried iTunes Radio in month since its mid-September luanch.
“October data was in line with our expectations and showed the resilience of our business,” Herring told the gathering, according to Bloomberg. "“We hope to prove what we have been doing in Australia and New Zealand is positive for musicians and the overall industry."