Pandora has raised an undisclosed amount of new funding, according to a statement from the company. This round was led by GGV Capital along with Allen & Company. Pandora had previously raised $56.3 million.
Pandora is hugely property and one of the few music 2.0 companies that can claim profitability, but it appears to be a tenuous victory. CEO Tim Westergren has said publicly that Pandora earned $50 million last year, mostly from advertising. But even after a new deal was announced last year, royalty payments to SoundExchange were $28 million plus payments to publishers and operating costs.
Attracting even more users to drive more advertising appears to be Pandora's most direct path to long term success.