Andre Yoskowitz
11 Feb 2011 18:15
Pandora, the popular streaming Internet radio service has filed for an IPO today, finally revealing numbers on the service that was close to shutting down just 3 years ago.
The proposed price of the IPO is $100 million.
Revenue for the 9 months ended October 2010 was $90 million, a 300 percent YoY increase from 2009. For the same period in 2010, Pandora lost $328,000, a far cry from the $18 million loss they took in 2009.
Pandora made $12.2 million off subscription revenue and the rest from advertising. The service has 80 million users in the U.S. and apps on Android, BlackBerry, WebOS and iOS.
Pandora's founder Tim Westergren owns 2.39 percent of the company and will get 3.6 million shares.
You can check an interview our staff had with the founder in 2008 here: A convo with Tim Westergren from Pandora