Popular digital music service Pandora has reported its first quarter finances, with total revenue up 69 percent to $194.3 million, compared to Q1 2013. Ad revenue was up 45 percent to $140.6 million. The company reported total listening hours in the quarter of 4.8 billion, up 12 percent from 4.26 billion in the first quarter of 2013. Total active listeners at the end of March 2014 were 75.3 million, an eight percent increase from 69.5 million at the same time last year.
"Pandora started 2014 with robust momentum and continued solid growth," stated Brian McAndrews, CEO/President/Chairman of Pandora. "Our strong first quarter results demonstrate Pandora's deep listener engagement, accelerating monetization, and increasing leverage in our business model. Looking ahead, we will continue to invest aggressively to extend our leadership position and drive forward the future of radio."