For the third quarter of 2017, the pure-play streaming company lost $66.2 million compared to a net loss of $61.5 million in the same quarter last year. Overall revenue for Q3 was $378.6 million, an 8% increase over 2016. Advertising revenue of $275.7 million was a 1% increase over 2016. Subscription revenue was $84.4 million, a 50% increase over 2016. In October, Pandora Premium surpassed 1 million paid subscribers. Pandora now has 5.19 million subscribers, up from 4.01 million in the third quarter of 2016. That’s a 29% increase.
The company ended the third quarter with $499.4 million in cash and investments, compared to $227.6 million at the end of Q2
Ticketing revenue was $18.5 million in the third quarter of 2017, a 16% decrease. The decline was related to the Ticketfly divestiture closing in the beginning of September, resulting in only two months of ticketing revenue in the third quarter of 2017.
New President and CEO Roger Lynch said, “After just a short time here at Pandora, it’s clear to me we have a tremendous opportunity to meet the full spectrum of our listeners’ and advertisers’ needs. We have significant scale, distribution, and products that deliver a superior listening experience. We will leverage these strengths to become a more integral part of our listeners’ lives and reinforce our position as the definitive source for audio advertising.”