Mobile And Local Driving Pandora's Revenue
Calling it the tip of the spear driving growth, audio revenue now makes up 60 percent of total revenue at Pandora. The company took in $116 million in mobile revenue in the quarter and the company is extremely pleased with how local salespeople are performing in the 29 markets they are now selling in. CFO Mike Herring said there's a lot of room to penetrate radio's $15 billion ad market, adding local is the fastest growing revenue stream for the company. "That's exactly why we're stepping up investment. Salespeople are executing well. We are getting a tremendous return on our sales and marketing."
When asked about why Pandora isn't getting a premium for its low-clutter geo-targeting, Herring said, "We think our service does deserve a premium. We are not discounting. We drive additional revenue through calls to action or digital revenue paired with audio revenue giving the advertiser a better experience with the consumer. We offer things traditional radio never has and never will be able to put out there." Herring also said testing back-to-back ads has produced positive results. Pandora is always analyzing how many ads is too many before the listener gets agitated.
For the quarter, Pandora reported Q2 revenue of $157.4 million, a 55 percent year-over-year increase. The company also reported that Q3 revenue is expected to be in the range of $174 million to $179 million. The cost to aquire content dropped from 59 percent to 51 percent.
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