Pandora Reports 49 Percent Growth in Subscription Revenue in Q3
The streaming music service now has 6.8 million subscribers.
One month after SiriusXM announced that it would acquire Pandora for $3.5 billion in an all-stock transaction, Pandora (NYSE: P) reported its third quarter financials. Highlights for the quarter included total revenue of $417.6 million, a 16 percent increase year-over-year, excluding revenue from Ticketfly and the company’s previous operations in Australia and New Zealand. Pandora also reported subscription revenue of $125.8 million, a 49 percent increase, and advertising revenue of $291.9 million. Pandora added 784,000 subscribers during the quarter, bringing it to 6.8 million total Pandora Plus and Pandora Premium subscribers. By comparison, at the end of its third quarter, SiriusXM had 33.7 million subscribers.
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