Pandora Stock Rises, CEO Not Worried About Apple Music
Last night (July 23), it was revealed that Pandora's stock value jumped more than 10 percent thanks to its second quarter success. That success was centered around the company's revenue, coming in at $285.6 million, which was more than the expected $283 million (though, as Business Insider points out, the company lost $16.1 million overall). Pandora's total advertising grew 30 percent from last year, and its local advertising business increased by 67 percent.
Looking ahead, Pandora CEO Brian McAndrews said that he believes Apple Music's introduction to the marketplace will have no significant effect on Pandora in either the short- or long-term:
In terms of Apple Music, of course it launched at the end of June, so there was no impact yet. Going forward, we feel really good about our trajectory and competitive position. With any big launch like this and the noise in the marketplace, there could be some users that experiment with it and there could be some short term impact... But we don't believe that there will be any long-term impact.
Revenue to the side, Pandora reportedly has 79.4 million active listeners who listened to music for a whopping 5.3 billion hours.