Randy Piper

 Internet Radio  Free version supported by ads  Pandora One- paid version without ads  Pandora Mobile  Supported by ads  80 million users

 IPO  June 15 th, 2011  Valuation of $2.6 billion  $138 million revenue in 2011, $1.8 million net loss

 88% of revenue from advertising  Content acquisition accounts for half of costs  SoundExchange- content fees  Licensing fees  Rovi- song and artist information

 Represent songs a set of attributes  Around 400 such characteristics  Reggae Feel  Violent Lyrics  Vinyl Ambience  Recommend new songs using these attributes

 Music Genome Project conceived in 1999  Pandora Media founded in 2000  Pandora Radio launched in 2005  Mobile version launched in 2008  IPO in 2011

 In 2007, proposal to double royalties  Began negotiations with SoundExchange  In 2009, agreed to reduce royalties  Web royalties still twice satellite

 Cautiously optimistic  Successful product  Significant competition  Licensing and royalties