Pandora’s Ad Revenue Was Also Up 6%
Pandora is gaining more subscribers are the streaming music service now has 6.8 million subscribers.
According to Pandora, they gained 784,000 subscribers in Q3. In addition, ad revenue and subscription revenue increased in the quarter as well.
However, the company lost $63.7 million.
CEO Roger Lynch said he’s proud of the progress Pandora has made over the past year. “A year ago, we committed to drive listener engagement through product innovation, expand our content, and increase distribution partnerships,” began Pandora CEO Roger Lynch.
“We also prioritized making our ad tech capabilities a strategic advantage. And we executed. We launched new products like Premium Access, delivering on-demand functionality and improved listener engagement in our ad-supported tier; forged partnerships with leading brands such as T-Mobile, AT&T, Comcast, and Snap; and solidified our global leadership in digital audio advertising with the acquisition of AdsWizz and the launch of our programmatic audio marketplace,” Lynch added.
The company did not have an actual earnings conference call because of it’s pending acquisition by SiriusXM. SiriusXM is buying Pandora for about $3.5 billion dollars.