Internet radio service Pandora saw revenue surpass $100m in Q2, according to the company's latest financial results.
Its final revenue figure for the period came in at $101.3m, equivalent to a 51% increase year-on-year - this comprised a share of $89.4m advertising revenue (up 53%) and $11.9m in subscriptions revenue (up 36%).
Royalties (content acquisition costs) for the quarter made up 60% of overall revenue at $60.5m.
Overall, Pandora posted a larger net loss for the period, $5.4m from $3.7m in 2011.
At the end of Q2 the service had gathered 54.9m active listeners, a 48% year-on-year increase, and 3.3bn listening hours marking an 80% rise.
Speaking about mobile growth for the service - which brought in revenue of $59.2m, up 86% year-on-year - CEO Joe Kennedy said: “More than 75% of total listening hours took place on mobile and other connected devices.
He revealed that the figure was “quite close to our growth rate in mobile hours which was 96% meaning that we have narrowed the mobile monetisation gap considerably”.
Source: Music Ally
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