Pandora signs Chrysler, service now in 1,000 gadgets or cars
The Webcaster announces that Chrysler is the latest auto manufacturer to integrate Pandora into its cars. The service expands distribution platform.
Pandora continues to expand the number of automobiles that are compatible with the Webcasting service.
Oakland, Calif.-based Pandora said today at CES 2013 that the Chrysler Group has agreed to include Pandora's Uconnect Access into the entertainment systems of its new cars. Uconnect enables owners to stream the service via their smartphone to the car's sound systems.
Up to now, Pandora has been long on flashy partnerships and listener numbers but hasn't convinced a skeptical investment community that its business model is sound. During the initial public offering in June 2011, the stock opened at $16 and saw a temporary spike, followed by a slow downward spiral ever since. In morning trading, Pandora shares were at $10.41, down 12 cents or 1 percent.
Nonetheless, the company continues to draw listeners and distribution partners. Chrysler is the 19th automaker to sign such an agreement with Pandora. Managers there also announced that the Web radio service is integrated into 1,000 devices or different cars, including 760 consumer-electronic devices, 175 aftermarket devices and 85 different car models.
Pandora also said it owned a 7.2 percent share of total U.S. radio listening during December, up 4.7 during the same period a year ago. Active listeners for the same month was 67 million, an increase of 41 percent year over year.