Streaming numbers are on the rise and Pandora is one of the services reaping the rewards.
The latest evidence: Pandora just announced that they had 76.2 million active listeners in December 2013, 13 percent more than a year ago. These active listeners spent 1.58 billion hours listening to the service.
Pandora also says they have 8.6 percent of the entire U.S. radio market, up from 7.6 percent a year ago.
Pandora is also adding advertisements to their in-car platform, which is currently used by over 4 million people. Companies such as BP and Taco Bell have also recently purchased ad space; ads will be 15 or 30 seconds and there will be less ads in-car than on other platforms.
Let’s see how the whole ad-based in-car streaming thing works out. “Nearly half of all radio listening takes place in the car,” Pandora’s Chief Marketing Officer, Simon Fleming-Wood said. “We knew early on that to redefine radio, we would need to seamlessly deliver Pandora through in-dash entertainment systems.”
Investors were also optimistic about Pandora’s developments: on January 7th, Pandora’s shares hit an all-time high of $33.70. Things settled at $32.44 at the closing bell.