Pandora Announces Listening Metrics, Financial Results
February 6, 2014

Pandora has announced its latest listening metrics that were reached in the month of January. The Internet radio service reports that listener hours in January were 1.58 billion, an increase of 13 percent from 1.39 billion during the same period last year. Share of total U.S. radio listening for Pandora in January was 8.57 percent, an increase from 7.68 percent at the same time last year. Active listeners were 73.4 million at the end of January, an increase of 12 pecent from 65.6 million during the same time period last year.

In related news, the company also reported year-end financial results for 2013, as well as for the fourth quarter. For the calendar year 2013, GAAP total revenue was $637.9 million, a 56 percent year-over-year increase. Non-GAAP total revenue was $647.5 million, a 56 percent year-over-year increase, including $9.6 million in revenue relating to subscription return reserve. Advertising revenue was $521.2 million, a 45 percent year-over-year increase. Non-GAAP subscription and other revenue was $126.3 million, a 135 percent year-over-year increase.

As for Q4, Pandora reported that GAAP total revenue was $200.4 million, a 52 percent year-over-year increase. Non-GAAP total revenue was $200.8 million, a 51 percent year-over-year increase, including $0.4 million in revenue relating to the subscription return reserve. Advertising revenue was $162.0 million and non-GAAP subscription and other revenue was $38.8 million, a 132 percent year-over-year increase.

"Pandora continued growing revenue over 50 percent year-over-year," stated President & Chairman Brian McAndrews. "We continued to improve monetization, which was reflected in record RPMs on all dimensions of our business, and drove our first non-GAAP profitable year as a public company. Throughout the year, we were able to invest back into the business with notable achievements, improving our product, innovating across multiple technologies, devices and automotive platforms in our continuing efforts to reinvent radio and make Pandora available anytime, anywhere for millions of listeners. 2013 marked notable growth from user metrics to financial achievements. These have largely been driven by our position as a leader in mobile media, both in user engagement and monetization. We remain intensely focused on advancing Pandora's mission to reinvent radio. To fully capture the substantial market opportunity ahead of us, we will continue to aggressively invest in 2014 in sustained audience and engagement growth as well as activities that further accelerate monetization. As such, our bias will continue to be toward revenue growth and capturing additional market share."




 
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Jeff Sottolano
Director of Programming
CBS Radio

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