Pandora Grows Its Fanbase
Oakland, Calif.-based Pandora keeps on growing. On Tuesday, the nation's leading Internet radio service revealed its latest metrics for customer usage.
The number of hours users listened to Pandora through all listening media increased 14% year-over-year to 1.28 billion hours in July. However, more of these hours appeared to be tied to the ears of fewer listeners. Active listeners to the service grew 30% to 71.2 million, but total listening hours growth did not match that pace. Investors, perhaps swayed by this divergence of growth paths, had bid down Pandora shares by more than 2% in Tuesday trading. As of this writing, shares sell for a few pennies above $19.
Regardless, by Pandora's calculations, the company now controls a 7.08% share of the total U.S. radio listening audience -- about 15.5% better than one year ago.
The article Pandora Grows Its Fanbase originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends Pandora Media. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.