With the release early Tuesday (2/2) of Sirius XM‘s fourth-quarter and full-year 2020 results, specific data tied to its Pandora segment were shared.
How is Pandora performing? It is perhaps the weakest link in the Sirius XM family. But, it could be worse.
Full-year ad revenue at Pandora, which includes off-platform results such as the company’s AdsWizz business, declined by 1% year-over-year to $1.18 billion.
Sirius XM’s C-Suite is happy, as this small decline was registered “despite significant weakness in the advertising market” resulting from the COVID-19 pandemic earlier in 2020.
Monetization of $79.24 per thousand hours at Pandora was down “just 1%” year-over-year, Sirius XM adds.
In Q4, Pandora ad revenue increased by 22% to $425 million from $348 million, on a year-over-year basis.
With its Pandora for Business arm likely hampered by shelter-at-home edicts in markets across the U.S., Monthly Active Users (MAUs) at Pandora were 58.9 million at the end of 2020, down from 63.5 million at the end of 2019. Total ad supported listener hours were 12.50 billion in 2020, down from 13.44 billion in 2019.
But, there’s some good news: Pandora added 133,000 net new self-pay subscribers to its Pandora Plus and Pandora Premium services in 2020, ending with nearly 6.3 million self-pay subscribers to those services.