Pandora's Tim Westergren Predicts 'Modest' Hit From iTunes Radio
September 25, 2013 at 3:58 AM (PT)
PANDORA MEDIA INC. Founder TIM WESTERGREN predicted that PANDORA will see a “modest” impact from APPLE’s new iTUNES RADIO, BLOOMBERG reports. He also told investors at a conference sponsored by GOLDMAN SACHS GROUP that half of PANDORA users listen on devices other than those from APPLE.
PANDORA stock fell 10% yesterday after APPLE said more than 11 million listeners tuned in to iTUNES RADIO since it was released on SEPT. 18th (NET NEWS, 9/23) PANDORA, with 72 million active listeners, has already been tested by larger competitors, such as CLEAR CHANNEL's iHEARTRADIO. “They launched with a huge marketing budget and no commercials, and PANDORA’s market share only continued to grow,” WESTERGREN said.