Pandora released financial results for the first quarter of the year ending March 31, 2018, on Thursday (May 3), reporting $319.2 million in revenue and total subscribers at 5.63 million
Out of the company’s total revenue, $104.7 million came from subscription revenue, growing 63 percent year-by-year excluding ANZ and Ticketfly. Their total subscribers also show a marked upward trend, growing 19 percent year-by-year. Pandora’s advertising revenue came out to $214.6 million.
For the first quarter, their net loss was $319.2 million, which represents an approximate 12 percent year-for-year increase, excluding Australia, New Zealand and Ticketfly. Their net loss was $131.7 million, as opposed to $132.3 million the first quarter of last year. Their adjusted EBITDA, however, showed a loss of $73.3 million, compared to a loss of $71.3 million in the same quarter last year.
In a statement, Roger Lynch, CEO of Pandora, showed confidence in the company’s growth. “Music streaming and digital audio continue to see massive growth, and this quarter we took key steps to position Pandora to capture this significant opportunity. We improved audience metrics — in part by increasing usage of Premium Access, which gives ad-supported listeners the ability to enjoy Pandora Premium after viewing a 15-second ad. We also accelerated our ad-tech roadmap with the acquisition of AdsWizz, and launched exciting new product features like personalized playlists. Looking ahead, Pandora is exactly where we want to be: at the center of a growing market with huge potential.”