Pandora beats in Q3 with $417.6M in revenue, fast-growing subscription business [TechCrunch Blog]
PANDORA MEDIA (P)
Last pandora media earnings: 7/31 04:01 pm
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Source: TechCrunch Blog
Streaming music service Pandora released its third quarter earnings today – the first since the news of its impending acquisition by SiriusXM , announced in September. The company reported a quickly growing subscription business for its paid products, Pandora Plus and Pandora Premium, which brought in $125.8 million in Q3 – a figure that’s up 49 percent year-over-year. However, Pandora’s larger user base consists of those on its ad-supported free tier, whose revenues are not growing as quickly. The company pulled in $291.9 million in ad revenue, it said. That’s only up 6 percent year-over-year – despite the fact that Pandora’s acquisition of digital audio ad technology company AdsWizz completed in May and contributed to Pandora’s ad revenue this quarter. Pandora also said the launch of new ad formats and a shift to higher CPM ad products aided in the ad revenue growth – modest it may be. For the quarter, Pandora reported $417.6 million in total revenue
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