Pandora Reports Q1 Mobile Revenues to the Tune of $84m

Music streaming service Pandora has reported mobile revenues of $83.9m (£55.5m) in its financial results for Q1, 2014, the period ended 30 April, 2013.

That represents a year-on-year growth of 97 per cent, actually outpacing mobile listener hour growth, which saw 47 per cent growth – though that could be down to the limit on mobile listening it introduced back in March.

Mobile accounted for 67 per cent of Pandoras total revenues for the quarter, which overall grew 55 per cent to $125.5m.

“Pandora continues to expand its mobile leadership,” said Pandora chairman and CEO Joe Kennedy. “Mobile listening hours and mobile ad revenue reached record highs, with growth in mobile ad revenue exceeding growth in mobile listening hours. 

“During the quarter, we successfully implemented a mobile listening limit, enabling us to manage our content acquisition costs with minimal impact on listenership or revenue growth. Pandoras subscriber base surpassed 2.5m, adding more net new subscribers in the quarter than in all of fiscal 2013, giving Pandora the largest US streaming subscriber base of any music service.”

Earlier this week, Pandora updated its iOS app, adding social media sharing functionality, and announced Pandora Premiers, which will stream anticipated albums in their entirety a week before release.

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