Pandora Claims Profits Close, Adds Lyrics

Pandora will reach profitability in 2010 according to founder Tim Westergren. Revenue is expected to double  this year to $40 million thanks to targeted ads delivered to 27 million registered users which are growing at the rate of 50,000 to 60,000.

About a third of the growth is coming via its popular iPhone app. “It’s a whole new world for us,” thanks to their mobile apps Westergren told Bloomberg News. “It’s changed the perception people have of what Internet radio is, from computer-radio to radio, because you can take the iPhone and just plug it into your car, or take it to the gym.”

Pandora announced that it will be adding access to lyrics using the Gracenote platform.