Pandora was not the first internet radio service to come along, but it quickly became the most prominent because of it’s tie-in to the Music Genome Project, which makes it unmatched at putting together playlists of related music based on a particular style or beat. Today, Pandora released details of their financial information and included some additional numbers on growth and market share.
Specifically, Pandora now controls 71.7% of the top 20 U.S. internet radio services with 51.9 million active users. Revenue was also good, jumping 58% from last year to $80.8 million. Of that revenue, the vast majority ($70.6 million) came from advertising, while just over $10 million came from subscriptions. Both of those figures were also significant jumps over last year.
You can read the entire statement, which goes into great detail, over at Pandora’s web site. For those who worried that the long-awaited U.S. release of Spotify would jeopardize the future of other services like Pandora, it seems those fears can be put to rest for now.