Pandora revamps its $5 a month radio service

Pandora says it has revamped its $5 a month Internet radio service, giving listeners the ability to skip and replay more songs.

The update comes two days after Pandora signed music licensing deals with major and independent labels. It also said this week it planned to offer a $10 monthly on-demand streaming service by the end of the year that would better compete with rivals Spotify and Apple Music.

Pandora is calling the updated service Pandora Plus and says it will replace Pandora One, which has 4 million subscribers. Those subscribers will be switched over to Pandora Plus and the service will continue to be ad-free.

Shares of Oakland, California-based Pandora Media Inc. rose 15 cents, or 1.1 percent, to $13.46 shortly before the stock market opening on Thursday.