(CelebrityAccess) – Pandora reported better than expected Q1 earnings yesterday clocking $319.2 million in revenue during its first quarter of 2018. The global streaming service also reported 19% subscriber growth for a total of 5.63 million users.
Subscription revenue for the quarter was $104.7 million, compared to $64.88 million a year ago, while advertising brought in $214.57 million, compared to $223.3 million in 2017.
As far as user engagement goes, Pandora’s numbers actually declined: The company had 72.3 million active listeners at the end of Q1, compared to 76.7 million a year ago, while listener hours were 4.96 billion, down from 5.21 billion last year.
Despite this, Roger Lynch, CEO of Pandora, doesn’t seem worried as he believes the decline “is reversible.”
He went on to say: “Music streaming and digital audio continue to see massive growth, and this quarter we took key steps to position Pandora to capture this significant opportunity. We improved audience metrics. We also accelerated our ad-tech roadmap with the acquisition of AdsWizz, and launched exciting new product features like personalized playlists. Looking ahead, Pandora is exactly where we want to be: at the center of a growing market with huge potential.”
Q2 plans? According to Lynch, the company is set to increase its spending on various marketing efforts in addition to releasing a family plan for its paid subscription service.
