Pandora Media grew its revenue 52% to $89.4 million in its fiscal quarter ended July 31 while increasing mobile revenue 85% to $59.2 million. Total revenue for the first six months of the company's fiscal year was $182 million with $160 million coming from advertising and $22 million coming from paid subscriptions.
The company posted a slight loss of $5.4 million for the quarter and $25.6 million in the first six months of its fiscal year. It posted a net loss of $3.7 million in the same period a year ago.
Content acquisition costs continued to drag on Pandora's earnings but improved from the first quarter. Royalties paid to rights holders - mainly for the performance of sound recordings - accounted for 59.8% of revenue during the most recent quarter and 63.9% during the first half of the fiscal year. Royalties accounted for 69.1% of revenue in the first fiscal quarter of 2012. Those content acquisition costs are between 9.4 percentage points (for the second quarter) and 12 percentage points (for the first quarter) higher than previous periods.
The reason why content acquisition costs keep growing is obvious: people keep listening. Listener hours grew 80% to 3.3 billion and active users grew 48% to 54.9 million at the end of July.
Billboard.biz will update this story following Pandora's earnings call later today.