NEW YORK (
(P - Get Report)
debut on the
New York Stock Exchange
has been nothing short of spectacular. But there are several competitors that could challenge the Internet radio company and its share price.
Pandora's initial public offering was priced at $16 a share, significantly higher than the revised indicative range of $10 to $11 a share. The deal values the company at $2.6 billion.
>Pandora IPO Pressures Sirius XM Shares
With 90 million registered users, Pandora offers 40 hours of free streaming from its library of 800,000 songs. Users select genres of music, recording artists or a song, and Pandora, through its Music Genome Project, creates a personalized Internet radio channel.
Music is occasionally interrupted by advertising and users are allowed to skip a select number of songs. Pandora also offers a subscription service for $36 a month that allows unlimited streaming with no advertisements.
Pandora accounts for more than half of the Internet radio market, but there are several pure-play Internet start-ups that could threaten its dominance. Big-name tech and Internet companies are also looking to take a slice of the streaming music pie.
Read on for a look at the music services that could break into Pandora's box.