Pandora has raised an undisclosed amount of new funding, according to a statement from the company. This round was led by GGV Capital along with Allen & Company. Pandora had previously raised $56.3 million.Pandora is hugely property and one of the few music 2.0 companies that can claim profitability, but it appears to be a tenuous victory. CEO Tim Westergren has said publicly that Pandora earned $50 million last year, mostly from advertising. But even after a new deal was announced last year, royalty payments to SoundExchange were $28 million plus payments to publishers and operating costs.
Attracting even more users to drive more advertising appears to be Pandora's most direct path to long term success.
Attracting even more users to drive more advertising appears to be Pandora's most direct path to long term success.
