• Chart: Pandora's Royalty Costs Continue to Outgrow Revenue | Statista
"Pandora had 62.4 million active listeners by the end of November, an increase of 45 percent over the same period last year. Listener hours during November amounted to 1.27 billion, up 58 percent from November 2011. Revenue grew 60 percent to $120 million. An impressive number if only content acquisition costs had not grown 75 percent during the same time...."
It's hard to see how this could be sustainable in the mid-term. This would be a good time for video streaming and music streaming services merge for scale purposes.