Pandora Signs More Advertising Measurement Services
Pandora Media Inc. (NYSE: P) has recovered handily off of its lows as the Internet radio player has been trying to mature as a public company. While its costs have risen in unison with user usage, now the company has more venues for the $14 billion annual radio advertising market. Pandora's audience data will appear in the three most popular media buying platforms, including STRATA, and Mediaocean's Donovan and Mediabank stewardship systems.
On the surface it sounds like one more tool to compete against Sirius XM Radio Inc. (NASDAQ: SIRI). The real target it seems is local radio station advertising.
The company showed that radio advertisement space buyers will be able to compare Pandora's audience data side-by-side with broadcast radio stations across the country. Prior to the integrations, radio buyers using STRATA and Mediaocean systems were required to manually research Pandora audience ratings, and now they can instantly evaluate Pandora audience size and rankings for advertising decision making.
STRATA's integration was released in January, and all STRATA agencies now have access to Pandora audience data. Pandora said that Mediaocean is currently in beta release, with rollout to Mediabank systems in mid-March 2013, while Donovan systems will be rolling out by the end of this April.
Pandora shares closed at $12.00 on Monday against a 52-week trading range of $7.08 to $14.65. Its market cap is currently right at $2 billion.
Filed under: 24/7 Wall St. Wire, Internet, Media Tagged: P, SIRI