Apple iTunes Radio isn't music to Pandora investors' ears

Pandora shares are tanking today — they’re down more than 10 percent — after Apple released along with its new iPhone sales numbers that 11 million people had checked out iTunes Radio since the release of iOS 7 last week.

The Oakland-based company had known that a competing free music-streaming service from Apple was coming. In an interview with the Merc’s Troy Wolverton, Pandora CTO Tom Conrad said the company, an Internet radio pioneer that was founded in 2005, was used to new competitors entering the field. When pressed by Wolverton about how Apple might be different and possibly more formidable, Conrad touted Pandora’s longevity. “We’ve been at it longer, we’re more committed to solving it well, and we’re far from done.” He also pointed out that Pandora is platform-agnostic: “There’s just lots and lots of users who won’t have access to Apple’s products.”

Pandora Media’s stock also took a dive last week, when it announced a new stock offering, plus warned of slowing growth and further losses. Shares are down $2.72 to $24.27 as of this post.

 

Photo: Tom Conrad, chief technology officer of Pandora, at the company’s Oakland headquarters this month. (Kristopher Skinner/Bay Area News Group)

Levi Sumagaysay Levi Sumagaysay (4045 Posts)

Levi Sumagaysay is editor of the combined SiliconBeat and Good Morning Silicon Valley. She also helps take care of SiliconValley.com, the Mercury News tech website. Email: lsumagaysay (at) bayareanewsgroup (dot-com).