Pandora Media has reported a 54% rise in revenues during the fourth quarter.
During the quarter, the company’s content-acquisition costs rose 59%, compared to a 75% rise in the prior period.
The company’s advertising-supported service revenues from mobile devices increased by 111% to $80.3m during the quarter and reported a 70% rise in its total listener hours on mobile.
Pandora posted a loss of $14.6m for the quarter, over a loss of $8.2m in the year-ago period, while advertising revenue rose 51% to $109m and revenue generated through subscriptions for ad-free service and other revenue increased by 74% to $16.1m.
Despite posting a growth and better-than-expected earnings for the fourth quarter and full year, the company’s chairman and chief executive, Joseph Kennedy, surprisingly announced his resignation.
Kennedy said that the resignation follows discussions with the board over the company’s future.
"As part of our Board discussions of the road that lies ahead, I reached the conclusion and advised the Board that the time is right to begin a process to identify my successor," Kennedy said.
"There is a tremendous market opportunity ahead and I look forward to continuing to work with all the great people at Pandora to keep driving the business forward."
The radio service provider is planning to start a process to find a successor to Kennedy, who led the company since 2004 and will continue in his current role until a successor is named.
