Good news for the brass over at music streaming company Pandora.
The company surpassed $1 billion in revenue from June 2014 to June 2015. This marks the first time Pandora has crossed the billion-dollar threshold in any 12-month period.
According to inside sources, Pandora’s milestone can be attributed to its second quarter revenue increasing by 30 percent to $285.6 million, as well as another 30 percent increase in advertising generated at $230.9 million, and listenership being up an additional 5 percent topping out at 5.3 billion during the quarter.
While Pandora’s entry into the billion-dollar music service club is admirable, it still has a long way to go before approaching the heights of its chief competitor, Spotify, which recently was valued at more than the entire American music industry. Jay Z’s Tidal streaming service has also made gains in the market and recently launched Apple Music and is projected to be a formidable force for all involved.
When asked about Apple Music’s impact on his service, Pandora CEO Brian McAndrews said thus far the company hasn’t seen any significant impact. Well aware that some faithful Pandora users will, at the least, experiment with the Apple service in the near future, McAndrews conceded “We don’t expect any long-term meaningful impact.”
Pandora expects to generate between $1.175 billion and $1.185 billion for the full year of 2015.