Pandora announced a significant redesign this morning, and paired with this announcement comes a number of user milestones for the music streaming and personalized radio service. The company now has 100 million registered users and 36 million monthly active users across its platform.
The company is announcing these stats at its first Analyst Day, a month after the company debuted on the New York Stock Exchange under the symbol “P”. As we initially reported, Pandora got a strong start in the public markets but shares quickly fell to below the company’s initial pricing of $16 per share. But Pandora’s stock was able to rebound recently, and closed at $19.26 yesterday afternoon.
Pandora says that it ended 2010 with 2.3 percent market share of all radio listening in the United States, and has increased its market share to 3.6 percent of all radio listening in the United States.
It’s not surprising that Pandora is growing rapidly, especially following the IPO. Debuting in the public markets is a marketing campaign in itself, and because Pandora was one of the heavily hyped IPOs toe debut this year, the company got a ton of press.
In terms of financials, revenue numbers are increasing but the company has yet to make a profit. Now that it has more cash to play with, it should be interesting to see how Pandora will begin to monetize off of its products.
Pandora Radio is an internet radio service, recommendation service, and the custodian of the Music Genome Project. Users enter a song or artist that they enjoy, and the service responds by playing selections that are musically similar. Users provide feedback on approval or disapproval of individual songs, which Pandora takes into account for future selections. While listening, users are offered the ability to buy the songs or albums at various online retailers. As part of the Music Genome Project, over...