Pandora total revenue increases 29% during Q1 2016
Internet radio app Pandora has announced financial results for Q1 2016. Total revenue grew 29% to $297m the year over. Advertising revenue increased 23% to $220m, whilst subscriptions were responsible for $55m.
Ads generated $220m in revenue for Pandora
According to the company press release, listening hours increased 4% to 5.52bn for Q1 2016, compared to 5.3bn the year before.
By the end of the first quarter, Pandora had 79.4m active listeners, just a fraction more than the year before (79.2m).
Tim Westergren, Founder and CEO, Pandora, says:
“This was a really strong start to the year, and I see clear signs of momentum across our business. Our team is rapidly bringing Pandora’s audacious strategy to life, fundamentally changing how listeners discover and enjoy music while helping artists build sustainable careers.”