CEO Roland Smith will retire and Troy Rice will oversee e-commerce as Office Depot’s new chief operating officer.
Total sales were up 43% during Q2, and Pandora now claims to own 77.6% of the Internet radio market.
Subscription sales and ad revenue both increased healthily for Internet radio service Pandora during the second quarter, and the company says it now controls nearly 78% of the entire Internet radio market. Of the entire U.S. radio listening, Pandora estimates it owns an 8.9% share, versus 7.04% this time last year.
For the second quarter ended June 30, 2014, Pandora reported:
- Subscription and other revenue of $41.6 million, up 63.1% compared with $25.5 million in the second quarter of 2013.
- Total sales of $218.9 million, up 43.0% from $153.1 million.
- Advertising revenue was $177.3 million, a 38.9% jump from $127.6 million.
- A net loss of $11.7 million versus a loss of $6.9 million a year ago.
- Total listener hours grew 28.9% to 5.04 billion, compared to 3.91 billion.
- The number of active listeners was 76.4 million, an increase of 7.5% from 71.1 million.
In its quarter-end earnings call, Brian McAndrews, Pandora’s CEO, told analysts it was a very strong second quarter. “For the month of June specifically, we had more than 25 million daily unique listeners every Friday, an all-time high for the seasonally slower summer period,” he said. “Importantly, listeners are using Pandora more frequently and for longer periods of time, consuming an average of 21.1 hours per active user in June, up 20% over the last year.”
McAndrews added that the company is succeeding in its efforts to monetize its mobile efforts, and said mobile advertising constituted 76% of all ad revenue, while 83% of total listener hours are consumed on mobile devices.
For the first half of the year, Pandora also reported:
- Subscription and other revenue of $95.3 million, up 116.6% from $44.0 million in the first half of 2013.
- Ad revenue of $318.0 million, up 41.8% versus $224.3 million.
- Total revenue of $413.2 million, a 54.1% increase compared with $268.2 million.
- Net loss of $40.7 million versus a loss of $45.3 million in the first half of last year.
Pandora is ranked No. 319 in the Internet Retailer Top 500 Guide.