Pandora Revenue Doubles In Q3
November 22, 2011 at 4:29 PM (PT)
PANDORA reported that the company virtually doubled its third-quarter 2011 revenue compared to last year. Total revenue was $75.0 million, a 99% year-over-year increase; Advertising revenue was $66.0 million, a 102% year-over-year increase. Subscription and other revenue was $9.0 million, an 80% year-over-year increase.
Total listener hours were approximately 2.1 billion for Q3, an increase of 104% compared to approximately 1.0 billion for the Q3 of the previous year.
For the first nine months of 2011, PANDORA's net revenue was $193 million, compared to the $90 million generated in the first nine months of 2010.
However, the hefty royalties to pay for the music whittled PANDORA's Q3 net income to a profit of $638,000, which is still an improvement from a nine-month '11 loss of almost $8 million.
"Rapid growth of 104% year-over-year in listener hours and record Internet radio market share growth to 66% illustrates the strong demand for personalized radio," PANDORA Chairman, Pres./CEO JOE KENNEDY said. "Our growing scale and powerful, multi-product advertising platform is enabling PANDORA to increasingly penetrate areas that were once solely served by terrestrial radio. Our momentum in transforming the radio industry is stronger than ever."
PANDORA predicts that Q4 revenue will be in the range of $80-$84 million. For the entire year. revenue is expected to be in the range of $273-$277 million.
The entire quarterly report can be accessed here