Pandora Filing To Go Public After Hitting 80 Million Users
Music streaming service Pandora.com has hit 80 million users and has filed to go public. Through the IPO, Pandora could raise as much as $100 million. Morgan Stanley and JP Morgan are co-managing the deal.
According to an SEC filing, Pandora lost $328,000 on $90 million revenues in the first nine months of 2010. Pandora’s fiscal year ends on January 31st and for the year ending 2010, Pandora lost $16.7 million on revenues of $55 million. That means Pandora’s profits substantially increased in the past year, but they have not yet broke-even.
Around 86% of Pandora’s revenues come from advertising and the rest is from premium subscriptions. Pandora has 80 million registered users, 800,000 songs, and 80,000 artists on their network. The number of registered users was 46 million a year ago and 22 million in 2009.@amitchowdhry or on Google+ at +AmitChowdhry