Pandora Reports Q3 2018 Revenue Up 16% to $417.6 Million

RADIO ONLINE | Monday, November 5, 2018

Pandora

Pandora reported third quarter revenue was $417.6 million, growing 16% year-over-year, excluding Australia and New Zealand & Ticketfly. Subscription revenue was up 49% to $125.8 million, while advertising revenue grew to $291.9 and Ad RPM hit an all-time high of $77.83, growing 11%. The service added 784,000 subscribers, reaching 6.8 million total subscribers.

"I'm proud of the progress we've made over the past year to reinvigorate Pandora," said CEO Roger Lynch. "A year ago, we committed to drive listener engagement through product innovation, expand our content, and increase distribution partnerships. We also prioritized making our ad tech capabilities a strategic advantage. And we executed. We launched new products like Premium Access, delivering on-demand functionality and improved listener engagement in our ad-supported tier; forged partnerships with leading brands such as T-Mobile, AT&T, Comcast, and Snap; and solidified our global leadership in digital audio advertising with the acquisition of AdsWizz and the launch of our programmatic audio marketplace."

Lynch contiuned, "Looking ahead, I couldn't be more excited about Pandora joining forces with SiriusXM. A combined Pandora-SiriusXM will create the world's largest audio entertainment company, bringing Pandora additional resources to accelerate growth and building on SiriusXM's leadership in the car, subscription expertise, and unique content."

Pandora previously announced it would be acquired by SiriusXM in an all-stock transaction valued at approximately $3.5 billion.