With so many music streaming services around, there are only so many subscriptions that can be had. Right now it’s safe to say that Spotify is pretty much leading the way in terms of subscriptions, boasting 75 million paid subscribers and 170 million subscribers in total. Apple isn’t that far behind with about 40 million paid subscribers.
However it seems that the competition could have a hard time catching up because according to Pandora’s recent figures that were released in its latest earnings report, the company has revealed that that have about 5.63 million paid subscribers. While this might seem small compared to Spotify and Apple Music, it’s actually a good thing for Pandora as it represents a 19% increase in paid subscribers from the previous year.
Note that this is for Pandora’s paid subscription services, Pandora Plus and Pandora Premium, which means that the total number of actual subscribers could actually be higher than that. However despite the increase in paid subscribers, the company’s earnings report seems to suggest that they are still losing money. They have reported a net loss of $ 131.7 million, which is an improvement over the previous year’s net loss of $ 132.3 million. There also seems to be less engagement than before, where listener hours dropped from 5.21 billion to 4.96 billion hours.
To be fair to Pandora, the company is pretty much only operating in the US at the moment. They previously had operations in Australia and New Zealand, but they shut those down in middle of 2017.