TuneIn announced today that it surpassed 1 Billion listening hours in 2013. Now, this makes it one of the top destinations for live audio news, music and other content. TuneIn allows people to stream content from over 70,000 stations online and over two million on demand services.
Along with the announcement of this milestone, the popular radio service has further announced that it has raised over $25 million via Institutional Venture Partners. IVP included many previous investors like Google Ventures, General Catalyst partners, Sequoia Capital etc.
$25 million seems to be a great amount but what is CEO John Dunham planning to do with this extra funding?
According to Mr. Dunham, the company will continue to invest fund into new content and resources and would strive to improve their products. The company would focus on providing extra services to its broadcasters all over the world. Typically, these broadcasters resort to local ads for their revenue, but the online listeners are not just limited to one locality and are spread out all over the world. As a result, the company may help these broadcasters display relevant advertisements to their online users so that their revenue increases.
The CEO further ads that the service is finally living up to its potential and now covers over 70,000 FM, AM, HD and other online content to their users along with 2 million on demand programs. But the company won’t just stop here, as he says that they want to include everything. So, soon enough we may see more online radio and on demand content from this company.
TuneIn is currently available on various automotive dashboards and tablets, however its triple digit growth is mainly driven by the mobile users. The growth of the service in recent years looks promising and if this growth continues, it may even threaten Pandora.
So, which online radio do you prefer, TuneIn or Pandora?