Pandora (P) Makes Strong Moves Recently, But Competition Still Looms...
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Pandora Media (NYSE: P) may be poised to move higher soon, following a few bullish reports out of the company.
On Monday, Pandora reported that it entered new partnerships with automakers Acura, and Kia, as well as aftermarket radio manufacturer Audiovox. Further, Pandora and DISH Network (Nasdaq: DISH) have also teamed up. Additionally, Pandora also reported that it "now has more than 125 million registered users and the average listener time has increased to a record 18 hours per month."
Pandora also recently reported that it increased listenership in key areas for the month of November.
CEO Joseph Kennedy recently spoke with Bloomberg TV in an interview at CES. The following is a summary of key points made.
Pandora is now in 16 automotive brands, with radios either on the road, or coming soon, as aforementioned.
In terms of Spotify's new "apps" feature, which allows users to select a song and it will create a playlist, Kennedy didn't comment too.
Pandora's Kennedy said it commands 68 percent of the Internet radio, and is one of the largest radio stations in every U.S. market. This is good for selling ads, as Pandora could claim its bigger than stations advertisers already do business with, and Pandora allows greater targeting capability. Kennedy also commented that the traditional radio ad market is worth about $15 billion annually.
Though shares are about half of what Pandora IPO'd at in June, investors should focus on the key $13 price level. That was the initial support level hit following the rapid drop throughout July, but overall market pressure and questions about competition from Spotify and iHeartRadio left investors in limbo. Further, Sirius XM (Nasdaq: SIRI) also launched Sirius 2.0 and its new Lynx receiver recently. Though Sirius 2.0 isn't exactly game-changing, it will keep the faithful faithful.
Pandora is expected to report quarterly numbers sometime in mid-February, and the Street is currently looking for a loss of 2 cents on revenue of $83.04 million. Shares are 1.5 percent lower Thursday.
On Monday, Pandora reported that it entered new partnerships with automakers Acura, and Kia, as well as aftermarket radio manufacturer Audiovox. Further, Pandora and DISH Network (Nasdaq: DISH) have also teamed up. Additionally, Pandora also reported that it "now has more than 125 million registered users and the average listener time has increased to a record 18 hours per month."
Pandora also recently reported that it increased listenership in key areas for the month of November.
CEO Joseph Kennedy recently spoke with Bloomberg TV in an interview at CES. The following is a summary of key points made.
Pandora is now in 16 automotive brands, with radios either on the road, or coming soon, as aforementioned.
In terms of Spotify's new "apps" feature, which allows users to select a song and it will create a playlist, Kennedy didn't comment too.
Pandora's Kennedy said it commands 68 percent of the Internet radio, and is one of the largest radio stations in every U.S. market. This is good for selling ads, as Pandora could claim its bigger than stations advertisers already do business with, and Pandora allows greater targeting capability. Kennedy also commented that the traditional radio ad market is worth about $15 billion annually.
Though shares are about half of what Pandora IPO'd at in June, investors should focus on the key $13 price level. That was the initial support level hit following the rapid drop throughout July, but overall market pressure and questions about competition from Spotify and iHeartRadio left investors in limbo. Further, Sirius XM (Nasdaq: SIRI) also launched Sirius 2.0 and its new Lynx receiver recently. Though Sirius 2.0 isn't exactly game-changing, it will keep the faithful faithful.
Pandora is expected to report quarterly numbers sometime in mid-February, and the Street is currently looking for a loss of 2 cents on revenue of $83.04 million. Shares are 1.5 percent lower Thursday.
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