Late yesterday afternoon Pandora reported on its finances and audience levels for the first quarter of its 2014 fiscal year (which ended April 30).
The leading webcaster's total revenue for the period of $125.5 million represents 55% growth since a year ago ($105 million came from ads, $20 million from subscriptions). Total listener hours grew 35% to 4.18 billion for the first quarter of fiscal 2014, compared to 3.09 billion for the first quarter of fiscal 2013.
Despite record revenues and audience, the company ended up losing nearly $29 million during the quarter.
"Content acquistion costs" (i.e. royalties for licensing music) grew 48% from $56 million a year ago to $83 million in this period. This means these costs amounted to 66% of Pandora's revenue that quarter.
Total mobile revenue was nearly $84 million -- nearly double year-over-year -- and outpacing growth of its mobile audience (which grew 47%).
Pandora added more than 700-thousand new subscribers to its ad-free Pandora One service in the first quarter, up 114% to more than two-and-a-half million (and more net new subscribers in the quarter than in all of fiscal 2013, which means Pandora has the largest U.S. streaming subscription audience of any music service).
Pandora says it now regularly reaches 70.1 million active users (up 35% from a year ago), and accounted (in April) for 7.33% of total U.S. radio listening.