Pandora Projects Profit In 2010
May 20, 2009 at 5:15 AM (PT)
PANDORA MEDIA says that it aims to be profitable next year, and revenues this year will double to about $40 million, writes BIZJOURNALS.COM citing a BLOOMBERG report. The company has 27 million registered users, and it is adding 50,000 to 60,000 a day. The growth can partially be attributed to BLACKBERRY and iPHONE users, who account for about a third of the daily registrations.
The company said that it plans to increase the number of commercials it plays -- currently some users hear about one 15-second spot per hour. That number could increase to two or three.
The biggest obstacle to profitability standing in PANDORA’s way is a two-year long battle with the record companies over how much Internet radio services should pay in royalties to the labels. But PANDORA founder TIM WESTERGREN tells BLOOMBERG that he’s "never been more optimistic than I am now" that the issue will be resolved soon.