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Pandora Media (P)

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  • May. 7, 2013, 2:12 PM
    Pandora (P -4.6%) slides after releasing April audience metrics that suggest its 40-hour mobile monthly listening cap is taking a toll. Listener hour growth of 24% Y/Y (to 1.31B) represents a sharp slowdown from March's 40%, and Pandora's share of U.S. radio listening fell to 7.33% from March's 8.05% (it's up from the year-ago period's 5.95%). Active listeners totaled 70.1M, up 35% Y/Y but only 1% M/M - that last figure suggests slowing U.S. smartphone market growth and/or competition from the likes of Spotify, TuneIn, and Songza might also be having an effect. FQ1 results arrive on May 23; shares are still up 53% YTD following a well-received FQ4 report.
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  • Apr. 12, 2013, 11:21 AM
    Apple (AAPL -1%) roundup: 1) Backing up a recent CNET report, The Verge's Greg Sandoval reports an iRadio deal with Universal is imminent, and one with Warner Music is "close behind." In spite of efforts to secure discounts, royalty rates are said to be "close to what Pandora (P) pays." 2) RBC has cut its PT to $550 from $600, citing weak FQ2 demand. New products are seen providing a 2H lift. 3) More iRumors from Brian White, whose track record is mixed. He thinks the 5S will have a fingerprint scanner (previous), and says there could be a project to build a bigger iPhone. But he hedges his past remarks about the 5S arriving in multiple sizes.
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  • Apr. 9, 2013, 8:44 AM
    Pandora (P) reaches 200M users, up from 100M in July 2011, while over 140M members have used the online music-streaming service on a mobile device. Other stats that Pandora is proud of this morning include streaming 200M songs before 10 a.m. every day, and playing over 100,000 artists in March as well as over 1M unique songs. (PR)
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  • Apr. 5, 2013, 10:02 AM
    Apple (AAPL -1.4%) could strike iRadio deals with Warner Music and Universal within the next week, CNET's Paul Sloan reports. He adds Apple's service will provide studios with fresh monetization options, such as a cut of audio ad revenue and an option for users to buy songs they're listening to. In-line with earlier reports, Apple is said to be baking in unique features, such as "the ability to jump back to the beginning of a song." Last week, The Verge reported Apple is shooting for a summer launch, while noting the music industry has a "love-hate relationship" with Pandora (P -3.6%).
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  • Apr. 3, 2013, 7:07 PM
    eMarketer hikes its 2013 and 2014 U.S. mobile ad sales forecasts to $7.29B and $11.3B, above the $6.97B and $10.9B forecast in December. Facebook's (FB) U.S. mobile ad sales are now seen totaling $965M in 2013 and $1.51B in 2014, up from a prior $851M and $1.22B, and Pandora's (P) estimates have been raised to $372M and $550M from a prior $347M and $496M. But Millennial Media (MM), which issued light guidance in February, is now seen posting U.S. sales of $94M in 2013 and $139M in 2014, below a prior $138M and $199M. Google's estimates remain at $3.98B and $6.32B.
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  • Apr. 3, 2013, 2:42 PM
    Pandora's (P -1.9%) share of U.S. radio listening fell to 8.05% in March from 8.48% in February, according to its March audience metrics. Though March appears a seasonally weak month for market share, Pandora's share was nearly unchanged on a M/M basis a year ago (5.73% vs. 5.74%). On a Y/Y basis, growth still looks healthy: listener hours rose 40% Y/Y to 1.49B, and active listeners 36% to 69.5M. (February metrics)
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  • Apr. 1, 2013, 6:20 PM
    As far as tablets go, concerns about mobile ad monetization could be misplaced. Credit Suisse recently reported its checks indicate search ad "user behavior and conversion rates on tablets are very similar" to PCs, even as tablet ad prices remain 20%-40% lower. The firm expects Google's (GOOG) AdWords overhaul to help narrow the pricing gap. Meanwhile, Marin Software (MRIN) predicts tablet conversion rates will eclipse PC rates by year's end, and mobile ad firm Adfonic reports tablet click-through are well above smartphone rates in many (but not all) categories.
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  • Apr. 1, 2013, 9:57 AM
    Pandora (P -1.9%) slides in the wake of The Verge's report about Apple's hopes for a summertime iRadio launch, and the music industry's "love-hate relationship" with Pandora. Shares remain up 51% YTD.
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  • Mar. 29, 2013, 6:21 PM
    "iRadio is coming. There's no doubt about it," a music industry source tells The Verge's Greg Sandoval. After months of tough negotiations with studios, Apple (AAPL) is said to be aiming for a summer launch. The company's reported plan to limit the service to Apple hardware stands to affect its popularity with customers who listen to music on both Apple and non-Apple gear. Sandoval adds the music industry has "a love-hate relationship" with Pandora (P), believing (in spite of Pandora's gripes about royalty rates) it "chokes off demand" for more profitable services.
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  • Mar. 25, 2013, 5:32 PM
    Pandora (P +2.2%) finished higher after comScore pegged its February U.S. audience at 65.1M (52M on mobile), up from September's 59.9M (48.6M on mobile). Google's (GOOG) total audience came in at 228M, and its mobile audience at 107.6M. Facebook's (FB) respectively totaled 174.8M and 100M, Amazon's 147M and 74.1M, and eBay's (EBAY) 84.7M and 41.3M. 65% of Pandora's U.S. audience is believed to be mobile-only, compared with 14% of Google's, 17% of Facebook's, and 22% of both Amazon and eBay's.
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  • Mar. 11, 2013, 5:50 PM
    Spotify is close to deals with music studios that will allow its ad-supported Internet radio service to expand internationally, 3 sources tell Bloomberg. The company's reported goal is to make the service available in all 17 countries that its operates in April. Rival Pandora (P) has been slow to expand internationally; the U.S., Australia, and New Zealand are the only markets where it's currently available. Spotify boasted of having 20M users (5M paid) in December; Pandora claimed 67.7M active listeners for February.
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  • Mar. 8, 2013, 7:02 PM
    Needham's Laura Martin is taking Pandora's (P +17.6%) FQ4 ad rate declines in stride, arguing the quarter is a seasonally weak one for ad prices and that this year's drops were moderate. But she is concerned about Joe Kennedy's planned departure, given his pivotal role in saving Pandora from the brink and turning it into a $430M/year business. Wedbush's Michael Pachter thinks Kennedy's replacement should have a strong radio sales background. "They don’t need a product development guy ... They need a chief revenue officer." (CC transcript) (more)
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  • Mar. 8, 2013, 12:44 PM
    Midday top 10 gainers: AQ +36%. GMXR +35%. MEET +22%. AMBA +22%. III +22%. ABIO +21%. PRGN +20%. BVSN +19%. P +18%. WG +17%.
    Midday top 10 losers: SKUL -22%. PGRX -19%. SUTR -16%. TECUA -16%. FREE -15%. ANGO -13%. MXWL -13%. AVG -11%. ARCI -10%. OTIV -8%.
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  • Mar. 8, 2013, 9:10 AM
    Premarket gainers: P +25%. TPX +9%. BVSN +7%. ANN +8%. CLSN +5%. HRB +5%.
    Losers: SKUL -17%. MXWL -15%. MED -9%. GOL -6%.
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  • Mar. 7, 2013, 7:08 PM
    "We've turned the corner on mobile monetization," boasted CEO Joe Kennedy on Pandora's (P) FQ4 call, even as he remained vague about the reasons for his planned departure. In spite of the boast, Pandora's mobile ad revenue per thousand hours (RPM) fell 8% Q/Q to $23.51, and was 56% below a PC ad RPM of $53.53, which itself was down 8% Q/Q. Pandora attributes the latter drop to a greater sales focus on mobile. Pandora's share of U.S. radio listening hit 8.48% in February, up from 8.03% in January and 5.74% a year ago. P +21.3% AH. (live blog) (previous)
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  • Mar. 7, 2013, 5:54 PM
    After-hours top gainers, as of 5:15 p.m.: P +19%. AMBA +9%. PETS +7%. PANL +6%. RIGL +5%.
    After-hours top losers: MED -9%. ZQK -9%. AVG -6%. SKUL -6%. ANGO -5%.
    | 1 Comment
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Company Description
Pandora Media Inc provides internet radio services on smartphones, tablets, traditional computers and car audio systems, as well as other internet-connected devices.