Pandora brought in $1.4 billion in revenue in 2017, and will have even more revenue in 2018.

Of course, licensing rates means that the company only gets to see a few hundred million of that, and a significant portion of that needs to go to advertising sales personnel -- audio advertising is incredibly hands-on compared to other forms of internet advertising.

As an aside: it was interesting when the stock cratered last year to the point where the market cap of the company was lower than its annual revenue -- all the revenue in the world doesn't make up for negative margins.