Pandora lifts Q3 revenues 30%, inks USD 90 mln settlement

Nieuws Breedband Wereld 23 OCT 2015
Pandora lifts Q3 revenues 30%, inks USD 90 mln settlement

Pandora and a coalition of independent and major record companies have agreed to a USD 90 million settlement for Pandora’s use of recordings created before 1972. The settlement was reached between Pandora and ABKCO Music & Records, Capitol Records, Sony Music Entertainment, UMG Recordings and Warner Music Group. The deal resolves the use by Pandora of the recordings.

The internet radio service also announced its third quarter results, with revenues jumping 30 percent year-on-year to USD 311.6 million. The net loss however grew to USD 85.93 million from a loss the year earlier of 2.02 million.

Advertising revenue rose 31 percent to USD 254.7 million while total mobile revenue lifted 36 percent to USD 255.2 million and local advertising revenue leaped 52 percent to USD 63.5 million. Adjusted EBITDA went 27 percent higher to USD 30.6 million and cash and investments reached USD 442.6 million from 461.5 million in the previous quarter.

For the fourth quarter, the company is guiding for revenues of USD 325-330 million and adjusted EBITDA of USD 25-30 million. For the full year, Pandora expects revenues to reach USD 1.153-1.158 billion and adjusted EBITDA USD 51-56 million.

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Sales figures, Financial figures, Digital Music, Legislation - Lawsuits

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