San Francisco – Streaming music service Pandora, which has filed to raise $100 million in an initial public offering (IPO), posted a net loss of $6.8 million for its recent financial quarter, PaidContent reports.
The company saw revenues more than double during the period, to over $51 million.
Pandora paid $29 million in copyright fees for the rights to stream music to users, in addition to $13 million on marketing.
The service now counts 94 million registered and 34 million active users, who streamed 1.6 billion hours of music during the quarter.
While the company did not break out the actual number of subscribers to its premium Pandora One service, it said subscriptions were up 139% from the prior year.