Pandora Reports Record Revenue & Listener Growth. Now 3.6% Of U.S. Radio Listening
(Updated) In it's first report to investors since becoming a publicly traded company, Pandora reported record quarterly revenue of $67 million growing 117% year over year. Pandora also had record growth in total listener hours and the accompanying increase in royalty costs. Listener hours reached 1.8 billion, up 125% year over year, resulting in a record share of total U.S. radio listening of 3.6%.
Subscription and other non-ad revenue was $8.7 million, a 112% year over year increase. Mobile advertising revenue increased to approximately half of total advertising revenue, according to the financial report. During the earnings call Pandora pointed to summer usually being slow months for growth in radio.
All of this growth still meant a net loss of for the second quarter fiscal 2012 of $.04 per per share or $1.8 million for the quarter, when including cost of the IPO. But by almost any measure, these are fairly impressive results for an internet company fresh off their IPO.
Pandora project further rapid growth through 2012