Pandora has reported its second quarter financial results for 2017, with total consolidated revenue up 10 percent to $376.8 million. Ad revenue grew by five percent to $278.2 million. Total paid subscriptions rose from 3.93 million in Q2 2016 to 4.86 million in this year’s second quarter. Pandora’s ticketing service also saw a 31 percent increase to $29.7 million.
Howver, the company’s GAAP net loss was $275.1 million, compared to a net loss a year ago of $76.3 million. This included a a goodwill impairment charge to reflect a one-time write down related to the net assets of Ticketfly and other one-time expenses related to the financing transaction. Adjusted EBITDA was a loss of $54.3 million, compared to a loss of $25.1 million in the same quarter in 2016.
Listener hours dropped from 5.66 billion in Q2 2016 to 5.22 billion in the second quarter of 2017. Active listeners added up to 76 million at the end of Q2.
“We have taken a number of steps to hone the company’s strategy and position Pandora to continue to build audience and extend monetization through a combination of advertising and subscription revenue streams. In addition to exceeding our revenue expectations this quarter, we also announced several important strategic moves including a $480 million investment from SiriusXM, the sale of Ticketfly, and changes to our board and management team,” said Naveen Chopra, CFO and interim CEO of Pandora. “We remain laser-focused on execution that attracts listeners and investments that drive the growth and monetization of our audience.”
In related news, the company announced that as of Monday, it was shutting down its services in Australia and New Zealand. Pandora expanded to Australia and New Zealand in 2012. With these changes, the streaming service is now only available in the U.S.