With Q1 2016 revenue of $275 million (which excludes ticket sales), Pandora’s revenue was up 19% over 2015. Advertising revenue increased 23% in the first quarter of 2016 to $220.3 million, compared to $178.7 million in 2015.
The company says ad revenue exceeded expectations due to stronger than expected momentum in local markets. Local advertising revenue was $61.3 million, growing 42% year-over-year. Local revenue accounted for 28% of advertising revenue in Q1.
First quarter subscription and other revenue was $54.7 million, an increase of 5% over $52.0 million in the same period in 2015. Q1 paid subscribers increased by about 150 thousand to 3.9 million (up 4%). Ticketing service revenue was $22.3 million, an approximate 30% year-over-year increase. Pandora recently purchased Ticketfly hoping to sell tickets directly to its users.
Total listener hours grew 4% to 5.52 billion for the first quarter of 2016, compared to 5.30 billion for the same period of the prior year. Active listeners were up slightly, 79.4 million at the end of the first quarter of 2016, compared to 79.2 million for the same period of the prior year.
The company raised its full-year revenue guidance to between $1.41 billion and $1.43 billion, up from $1.40 billion to $1.42 billion.
iHeart is in over $20B in debt… and privately owned, talk about cooking the books.
How can this be true. I read elsewheres that Apple Radio cut into them. It’s a cookbook! No, it’s a book cook!