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New Research Confirms Apple’s iTunes Radio Rapidly Gaining Users Putting Pressure on Pandora, Inc
iTunes Radio, Spotify and iHeartRadio are all gaining listener market share which is a threat to Pandora’s marketing leader position
While Pandora, Inc. is the current leader in terms of longevity (launched January 2000); users (55 million) and revenue ($274 Billion in 2012 revenue), investors are jittery that the organization lost $16 million in 2012 and now has a slew of competitors to fend off in the market.
According to the report Media Review: Music Streaming Services Market Profile (http://clearvoiceresearch.com/
“The main driver of this services’ appeal is the ability to customize playlists using a combination of personally owned iTunes tracks and streamed music keyed to similar songs,” said ClearVoice Research President David McGrath. “Spotify and iHeartRadio offer more traditional, but nonetheless appealing alternatives to Pandora based largely on their customization options.”
News of Spotify reaching 10 million paid subscribers and 40 million subscribers overall sent Pandora’s stock tumbling down at the end of May, further proving the “share of ear” is suddenly up for grabs.
The research from ClearVoice also indicates that consumers are hungry for a service that will provide news and sports coverage along with their music overlap. The study concludes that consumers would be willing to absorb an incremental increase in both price and ad exposure as long as they could be more in control of their listening experience.
You can download the entire Media Review: Music Streaming Services Market Profile (http://clearvoiceresearch.com/