Pandora has filed a registration statement on Form S-1 with the Securities and Exchange Commission, setting the music-recommendation service on the path toward an initial public offering.
Rumors of an IPO had been intensifying over the past month, with the company said to be looking to raise $100 million in an offering. Pandora did not disclose the size of its offering in its filing, but it did reveal detailed financials.
For the nine months ended October 31, 2010, the company reports revenue of $90 million, with the bulk of it ($77.8 million) coming from advertising and the rest from subscriptions. The company is essentially at break even, with a loss of just $0.3 million in that same period.
Pandora also now has more than 80 million registered users, with the average listener tuning into the service for more than 10 hours per month. The majority of that activity now takes place on mobile devices, with the company also saying that the "number of listener hours on mobile devices has surpassed listener hours on traditional computers and we expect that this trend will continue and is likely to accelerate."
More recently, the company has been working to embed its service in more places, including autos and Internet-connected televisions.