Pandora Media keeps the hot streak running by increasing listenership to its internet radio service. The world’s top-most-listened radio service announced in a report that the service has seen a exponential increase in listener hours in September, over a span of one year.
The company released the report on Thursday filled with all the figures. According to the document, Pandora’s listening hours have increased by 67 percent in the last 12 months to 1.15 Billion. The US market had a share of 6.45 percent from last year’s 4.03 percentage points.
“We’re encouraged by Pandora’s strong usage growth and share gains and we continue to believe the company will improve mobile monetization as buy-side system integration becomes in place over the next few months and the regional sales force expands,” Doug Anmuth, an analyst for JPMorgan, said in a report Thursday.
The report further says that the number of listeners has increased by 49 percent in the last one year to 58.3 Million.
The two biggest reasons for Pandora’s promising performance are the wave of adoption of mobile devices like smartphones and tablets, and the internet-based video streaming boxes. Apple TV and Roku LT/HD are two of the biggest sources to listen to Pandora’s radio service. Moreover, the increase in sales of iOS- and Android-based devices is directly proportional to the profitability at Pandora.
Pandora competes with internet-based Spotify, satellite-based Sirius XM Radio and local FM/AM radio stations. However, its easy access through mobile devices has been of great advantage to its business model.
Pandora shares that go by the identifier of P were down a fraction at $10.45 on Thursday.