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In the fourth quarter of 2025, Pandora had 41.11 million monthly active users in the United States. The online radio platform has been suffering gradual user losses each quarter for some time, and has lost more than ten million U.S. users in the past three years.

Pandora business model

Pandora Internet Radio is a part of the Music Genome Project that provides a music streaming service as well as music recommendations. The Music Genome Project uses 450 attributes to describe a song and an algorithm that organizes a wide range of music. Currently, Pandora is only available to users in the United States, Australia, and New Zealand.

Since its launch in January 2000, Pandora Internet Radio has grown significantly, though its user base has declined recently. As of December 31, 2024, Pandora reported over 43 million monthly active users. In comparison, Spotify reached an all-time high of 751 million monthly active users worldwide in the last quarter of 2025. Unlike Pandora, Spotify is available in most of Europe, South America, parts of Australasia, and various other countries around the world.

Pandora's financial results

In recent years, as Pandora has become more successful, the company’s revenue has reflected its broadening market. In the financial year 2024, Pandora’s revenue totaled 2.15 billion U.S. dollars, a figure which has risen significantly compared to just two years prior. Pandora currently obtains most of its revenue through advertisement, subscriptions, and directing users to purchase music through Apple and Amazon. In 2024, the company's advertising revenue exceeded 1.6 billion U.S. dollars.