RAIN NEWS FLASH: Pandora files for $100m IPO
Pandora is officially going public. The company late today filed for a $100 million initial public offering (IPO). You can find Pandora’s official press release on the matter here.
“This offers the first public look at the company’s finances,” notes CNN, “and Pandora isn’t yet profitable. The popular site posted a net loss of $328,000 on revenue of $90.1 million in the first nine months of its most recent fiscal year. In the fiscal year ended Jan. 31, 2010, it lost $16.8 million on sales of $55.2 million.”
Not surprisingly, royalties were Pandora’s biggest expense. CNN reports royalty costs “reached $45.4 million in the first nine months of 2010 — twice what Pandora spent on them in the same period a year earlier.” CNN has more here.
Pandora was profitable in Q4 2009 (RAIN coverage here).
We’ll have much more coverage on this story in Monday’s issue of RAIN: Radio And Internet Newsletter. Have a great weekend!
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