How Pandora Makes Money

Pandora's Tom Conrad

Pandora just filed for an IPO. As a part of the filing, we finally get to learn how Pandora makes its money (how much it makes).

Here’s the breakdown for the first 9 months of 2010:

  • TOTAL: $90.12 million (up 200% from 2009!)
  • Ad revenue: $78 million – 86%
  • Subscription revenue: $12.3 million – 14%

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