Reports Music

Pandora Mapping Its Place in the US Streaming Market

Report by Mark Mulligan
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The 20,000 Foot View: Pandora is the granddaddy of streaming music, clocking XXX million active users before Spotify had even gone into public beta. It remains the most widely used audio streaming service in the US, but is no longer the golden child of the space. Despite having been long positioned as the long-term future of radio, investors have become increasingly concerned about its ability to compete against Spotify, Amazon and Apple—streaming services that originally had their eyes on replacing retail rather than radio. With all eyes on Spotify and Apple duking it out for leadership of the US subscriber base, Pandora is out of the spotlight, despite improvements on some key metrics.

Key Findings

  • In XXX 2018 Pandora registered revenues of XXX million against a quarterly net loss of XXX million
  • Pandora’s XXX million acquisition of programmatic audio platform AdsWizz positions it as a major force in programmatic audio ads
  • Users are down: the June 2018 MAU count of XXX million was just XXX higher than its June 2013 count of XXX million
  • Engagement is up: average hours of usage per MAU were XXX in XXX 2018, up XXX year-on-year (YoY), and bettered only by a one-off high of XXX in XXX 2016 
  • Ad revenue per MAU was XXX in XXX 2018, up XXX YoY but ad revenue was down XXX Y-o-Y to XXX million 
  • Advertiser hours as a share of total listener hours was XXX in XXX 2018, down from XXX one year earlier
  • Subscribers grew XXX YoY, to reach XXX million in XXX 2018, with the paid conversion rate rising from XXX in XXX XXX to XXX in XXX 2018
  • As of XXX 2018, subscribers represented just XXX of Pandora’s users but XXX of its revenue
  • Pandora had XXX of the US subscriber market in XXX 2018
  • Pandora is the largest audio streaming service in the US with XXX in XXX 2018, up from XXX in XXX 2018 but one point below its XXX 2016 level
  • Pandora co-exists with other streaming services: XXX of Apple Music subscribers also use Pandora
  • Pandora has the second most female skewed user base of streaming services in the US; XXX of its users are female

Companies and brands mentioned in this report: AdsWizz, Amazon, Amazon Prime Music, Amazon Music Unlimited, Apple, Apple Music, AT&T, Deezer, iHeart Media Instagram, Liberty Media, Napster, Pandora, Pandora Plus, Pandora Premium, SiriusXM, Snapchat, Soundcloud, Spotify, Tidal, T-Mobile, TuneIn Radio, Vevo, YouTube

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