In the face of stern competition from the likes of Spotify and Apple Music, Pandora managed to show some growth in its latest earnings report. Paid subscribers for Pandora Plus and Pandora Premium, the on-demand feature that launched last March, hit 5.63 million in the first quarter, up 19 percent from the same period last year.
Revenue for the quarter rose to $319.2 million, up 12 percent over the first quarter of 2017. That excludes income from the Australia and New Zealand markets as well as Ticketfly. Pandora shut down in Australia and New Zealand in July and sold Ticketfly to Eventbrite in September.
But Pandora is still losing money. The company posted a net loss of $131.7 million, a slight improvement on the $132.3 million loss in Q1 2017. Overall engagement is down year-over-year, with active listeners dropping 4 percent to 72.3 million. Listener hours dipped from 5.21 billion to 4.96 billion. However, in March, Pandora showed positive growth in recapturing lapsed listeners for the first time in 18 months, so usage numbers might rise again soon.
Looks like Pandora dying a slow death maybe they can recover but they have a huge mountain to climb.