Pandora stock reaches all-time high after successful 2013

More good news for fans of radio, or those looking to invest in radio: Internet radio service Pandora saw shares of its company hit an all-time high on Tuesday. Pandora's (P.) shares reached $33.70 a pop before evening out a bit and closing the day at $32.44. So why the positive prognostication?

Most of the optimism probably stems from the positive reports coming from the company regarding its 2013 performance. Pandora stated that as of December 2013, a 13 percent increase from that time during 2012. Those listeners spent a reported 1.58 billion hours listening to the service, which is a big, juicy number for potential advertisers. Pandora's rise in popularity has brought a dose of market respect as well, as bigger-name companies have begun advertising on the service, including the likes of Taco Bell and BP. Those big name companies are probably a good indicator that those advertisements are costing more to air than those of yesteryear as well.

Another positive note for shareholders is the service's plans to move forward regarding offering Pandora as an automotive add-on. Four million of the company's customers currently use Pandora in their car, and as driving is the primary time to use the radio, the service aims to expand.

"Nearly half of all radio listening takes place in the car," Simon Fleming-Wood, the company's Chief Marketing Officer. "We knew early on that to redefine radio, we would need to seamlessly deliver Pandora through in-dash entertainment systems."

This all comes on the heels of the rise in stock prices for satellite radio provider Sirius increased yesterday amidst rumors of a buyout from Liberty Media. You can check out that story here.