1. Randy Piper

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

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

4.  88% of revenue from advertising  Content acquisition accounts for half of costs  SoundExchange- content fees  Licensing fees  Rovi- song and artist information

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

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

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

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