Pandora Users and User Engagement Impresses
Pandora (NYSE:P) has reached a landmark number of 125 million registered users. Wow. The company went public in February 2011 and had 80 million users at the time, according to the company’s FCC filing. That’s some serious growth. Even better, Pandora says its listeners tune in for an average of 18 hours per week. That’s great user engagement.
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The Hollywood Reporter quoted Tim Westergren, Pandora’s founder, who said, “As more and more people are discovering the joy of personalized radio automotive and consumer electronics companies are innovating to meet consumer expectations and demand. It’s an incredibly exciting time for our business, and music lovers everywhere.”
The company also said in its statement that it captured 68% of the market share for the top 20 internet radio services in November 2011 and is run on more than 450 devices compared to just 200 last year. Pandora’s stock has risen nearly 25% since the start of the year though the stock is still down almost $5 a share from its closing price on the day of its IPO.
Stock price declines have reflected market worries over Pandora’s competitors such as Spotify, MOG, Apple iTunes (NASDAQ:AAPL), Google Music (NASDAQ:GOOG), and even Sirius XM Radio (NASDAQ:SIRI). It’s a tough battle, but Pandora is rising to the top as a user favorite.
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