Boston, MA 07/11/2013 (wallstreetpr) – Pandora Media, Inc. (NYSE:P), the leading player in providing music streaming services, reported listener hours at 1.25 billion for June 2013, a substantial decline from 1.35 billion hours in May 2013 (7% decline), compared to a 2% decline for the same time period in the previous year.
Although this decline is attributed to a seasonal dip, the trend does not appear to be promising, especially when the total listener hours are divided for each active listener. An active listener of the company’s media services has spent this year an average of 17.58 hours on the contents for June, compared to 19.81 hours for the same month of the previous year. A few analysts however are to the positive side, since the company is planning to abandon its users who rely heavily on freeloading and focus on premium subscribers. These numbers have been released right at the time when Apple, Inc. is planning to incorporate i-Tunes Radio similar to that of the Pandora media into its next version of i-Tunes.
Pandora Media, Inc.’s (NYSE:P) share price declined by 8.55% on Wednesday closing at $17.97 per share for the day. Intraday prices for the stock touched a low of $17.81 and a high of $19.73 per share. Trading volume stood at 12.02 million shares of the company on Wednesday, with an average one of 7.18 million per day of trading.
Pandora Media, Inc. (NYSE:P) currently has a 52-week low price of $7.08 and a 52-week high price of $20.54 per share. The market cap is $3.14 billion with 174.80 million shares outstanding and 102 percent institutional ownership.
