Oakland, Calif.-based Internet radio company Pandora Media (NYSE:P) says it continues to gain market share.
On Thursday, Pandora announced its latest audience metrics for the month of August. Total listener hours in August were up 16% year-over-year to 1.35 billion hours. The number of people listening also increased. Active listeners increased 28% year-over-year to 72.1 million persons. That's up 1% from July's active listener count of 71.2 million.
According to Pandora's calculations, this all works out to Pandora controlling a 7.46% market share of the total U.S. radio listening audience -- a 116-basis-point increase over Pandora's market share from August 2012, when the share was 6.3%.
Sequentially, all of Pandora's numbers also increased in comparison to where the company stood in July. One month ago, listener hours stood at 1.28 billion, active listeners were 71.2 million, and the company estimated its market share at 7.08%.
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends Pandora Media. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.