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  • 作者: 音樂地圖
  • Pandora的第二季度收入增長,聆聽時數和活躍用戶都繼續下降


    ◎2018年第二季度末,Pandora Plus和Pandora Premium的訂閱戶比前一季增加了35.1萬人到大約600萬,與去年同期相比增長了23%。受到新的每月14.99美元的家庭方案所驅動,第二季度的訂閱戶數量增加了一倍以上,該方案被視為在未來幾季「重要的增長貢獻者」。
    ◎第二季度總收入為3.848億美元,不包括澳洲、紐西蘭和Ticketfly的部分,同比增長12%。第二季度訂閱收入為1.137億美元,不包括澳洲、紐西蘭和Ticketfly的部分,同比增長67%。第二季度廣告收入為2.711億美元,訂閱收入為1.137億美元,在其他地區和Ticketfly的收入排除後,同比增長67%。Pandora在這一季宣布與AT&T、Snap和Cheddar建立合作夥伴關係,完成對AdsWizz的收購並推出Audio Programmatic。
    ◎廣告和訂閱的收入增加總是好消息,但在一個50%-70%的成本來自內容授權的行業中,如果收入增長是由使用的增加所驅動的,那麼更多的收入並不等於利潤, Spotify就是一個更多用戶等於更大損失現象的活生生的例子。但在最近幾季,Pandora增加了收入,而聆聽時間和活躍用戶都在緩慢下降,如果這兩個趨勢都繼續下去,Pandora最終可能會擁有一個真正有利可圖的忠實核心用戶群。


    UPDATED: Pandora reported a 12% year over year revenue increase in Q2 2018, after the markets closed on Tuesday. But both monthly listener hours and active users continued a slow but significant downward spiral. Details & Analysis:
    Total listener hours on Pandora were 5.09 billion for the second quarter of 2018, down from 5.22 billion at the end of Q1 2018. Active users were 71.4 million at the end of the second quarter, compared to 72.3 million just three months ago.
    Pandora Plus and Pandora Premium subscribers were approximately 6 million at the end of the second quarter of 2018, up from 5.63 million at the end of Q1. That's an increase of 351,000 subscribers to Pandora Plus and Pandora Premium plans. The streamer added more than twice as many subscribers in Q2 than Q1 driven by a new $14.99 family plan which is seen as an "important growth contributor" in future quarters.
    Ad revenue was $271.1 million in Q2 and subscription revenue came in at $113.7 million, up 67% year-over-year after revenues from the additional territories and Ticketfly are excluded.
    “We made continued progress against our strategy with total revenue growing 12%, subscription revenue up 67% and ad hour trends improving for the third straight quarter,” said Pandora CEO Roger Lynch. “New partnerships with top brands like Snap and AT&T, as well as enhancements to our ad tech and programmatic offerings, position us to further accelerate growth and ownership of the expanding digital audio marketplace.”
    Total Q2 Revenue was $384.8 million, growing 12% year-over-year excluding Australia, New Zealand & Ticketfly, exceeding top-end of guidance
    Q2 Subscription revenue was $113.7 million, growing 67% year-over-year excluding Australia, New Zealand & Ticketfly
    Ad hour trends improved for the third straight quarter
    Ad RPM hit an all-time Q2 high of $68.75, growing 4% year-over-year
    Added 351 thousand to approximately 6 million subscribers; which grew 23% year-over-year
    Announced partnerships with AT&T, Snap and Cheddar
    Completed the acquisition of AdsWizz and launched Audio Programmatic
    Non-GAAP net loss was $38.9 million, or $0.15 per share. This compared to $50.1 million net loss or $0.21 in the year ago quarter. Adjusted EBITDA was a loss of $34.6 million, compared to a loss of $54.3 million in the same quarter last year.
    ANALYSIS: Falling Use Is Good News
    Increased revenue from both advertising and subscriptions is always good news. But in an industry where 50% -70% of costs come from content licensing, if that growth is driven by increased use, more revenue does not equal profits. Spotify is living proof of the more users = bigger losses phenomenon.
    But in recent quarters, Pandora has increased revenue while both listener hours and active users have slowly fallen. If both those trends continue, Pandora could eventually end up with a loyal core user base that's actually profitable.
    It's a contrarian path to profitability that has kept Napster and other smaller streamers that don't offer a free tier afloat. Plus Pandora's free users cost the company a lower digital radio/ SoundExchange rate compared to the negotiated interactive rates that Spotify pays for its free users.