About Pandora Media (adapted from Pandora Media prospectus):
Pandora Media is the leader in internet radio in the United States. Pandora uses intrinsic qualities of music to initially create stations and then adapts playlists in real-time based on the individual feedback of each listener. In January 2011, Pandora had over 80 million registered users and added a new registered user every second, on average. Pandora has more than a 50% share of all internet radio listening time among the top 20 stations and networks in the United States, according to a November 2010 report by Ando Media, or Ando, an audience measurement and ads management firm. Pandora was launched in 2005, and their listeners have created over 1.4 billion stations.
The Music Genome Project, and Pandora's playlist generating algorithms, form the technology foundation that enables Pandora to deliver personalized radio to their listeners. These proprietary technologies power their ability to predict listener music preferences and play music content suited to the tastes of each individual listener. The extensive musicological database of the Music Genome Project has been meticulously built by a team of professional musicians and musicologists analyzing up to 480 attributes, or genes, for every song in Pandora's vast collection, to capture the fundamental musical properties of each recording. When a listener enters a single song, artist, composer or genre to start a station – a process called seeding – Pandora's complex mathematical algorithms combine the genes cataloged by the Music Genome Project with individual and collective feedback to suggest songs and build personalized playlists. Over the last decade, Pandora's music analysts have been analyzing songs, their engineers have been organizing the genome and refining the playlist generating algorithms and, since the launch of the service five years ago, listeners have been providing feedback as they use the service. Containing over 800,000 songs from over 80,000 artists, the Music Genome Project might be the most comprehensive analysis of music in the world.
Pandora's service is available through a variety of distribution channels. In addition to streaming the service to traditional computers, they have developed Pandora applications for smartphones, such as Android phones, Blackberry phones and the iPhone, and partnered with the makers of over 200 consumer electronics devices, including Alpine, Panasonic, Pioneer, Samsung and Sony. They have also developed relationships with major automobile manufacturers.
In January 2011, the Pandora app was the #2 all-time downloaded free iPhone app and the #1 all-time downloaded free iPad app, according to Apple.
Pandora offers their service to listeners at no cost and generates revenue primarily from advertising. They also offer a subscription service to listeners.
This description is adapted from Pandora Media prospectus. This description is not intended to be a recommendation to buy stock from this company. We do not claim that all of the statements above were researched and found to be true. We present them as a general description based on what the company has said about itself at the time that they submitted their prospectus for an IPO offering. To see the company's full description, view their prospectus.. 
