Pandora didn't disappoint when announcing its first financial report as a publicly traded company. The popular streaming music service collected $67 million in total revenue during the second quarter, representing a 117 percent year-over-year increase. Advertising accounted for $58.3 million (118 percent year-over-year increase) and subscription revenue more than doubled as well (112 percent) to $8.7 million.
"Pandora is personalizing radio -- and consumers are enthusiastically embracing the dramatically better experience," said Joe Kennedy, President & CEO of Pandora. "At the same time, advertisers continue their adoption of Pandora's multi-platform ad solutions, resulting in our 6th consecutive quarter of year-over-year triple digit revenue growth. In addition to continued high growth in web revenue, Pandora's mobile advertising revenue for the first time comprised approximately half of total advertising revenue as we lead the way in the nascent but fast growing mobile advertising market. Pandora continues to grow our market share of U.S. radio as we fundamentally transform one of the last forms of traditional media."
Towards that last point, Pandora claims its share of the total U.S. radio listening market now sits at 3.6 percent, exactly double what it was last year. That figure is based on 1.8 billion listener hours for the second quarter.