OAKLAND, CA (CelebrityAccess) — Streaming music service Pandora Media Inc. posted gloomy financial results for the third fiscal quarter, reporting declining listenership and increasing expenses.
In their financial filings, Pandora reported 77.9 million in the third quarter, down slightly from 78.1 million from the same period last year. At the same time, operating expenses rose to $191.9 million from $164.7 million a year earlier.
As a result, the company has lowerd their revenue projects for the year, now expecting $1.35 billion and $1.37 billion, down from a previous estimates of $1.39 billion and $1.41 billion. They have also revised their projected losses for the year from $128 million and $140 million for the year, up from previous projections of $50 million and $70 million.
Pandora's losses were partially offset by their new ticketing venture through the acquisition of digital marketing company Ticketfly Inc. and the company also debuted a new paid tier streaming service to better compete with rivals such as Spotify and Apple Music.
“Pandora’s transformation continues with the launch of compelling new products and partnerships that open up significant revenue streams,” said Tim Westergren, Founder and CEO of Pandora (pictured).
“Only Pandora is uniquely positioned to create deeply personalized and easy to use listening experiences that delight and engage listeners.
“A great product that’s effectively monetized is the cornerstone of success in digital music streaming.” – Staff Writers