IPO Paper – Carmen Ramos Pandora Media, Inc. is an internet streaming radio service used by more than 80 million listeners. Pandora, which has a catalog of 800,000 songs from more than 80,000 artists, has roughly half the market for Internet radio in 2010, according to a study published in November by Ando Media. Though the service is wildly popular, it has yet to make a profit. As part of the company's Music Genome Project, songs are analyzed according to musical features -- including details of instrumentation, harmony, lyrics, melody, rhythm, and vocals. Users enter the name of a song, and Pandora creates a playlist of songs with similar characteristics. Pandora's service, free to its more than 80 million registered users and available only in the US, is supported by local and national advertising. While listening, users are offered the ability to buy the songs or albums at various online retailers. The Pandora media player is based on OpenLaszlo. Pandora can also be accessed through many stand-alone players, such as the Roku DVP (formerly Netflix player) Reciva-based radios (from companies like Grace Digital, Sanyo, and Sangean), Frontier Silicon-based connected audio systems, Slim Devices, and Sonos product(s). On July 11, 2008, Pandora launched a mobile version of their software for the Apple iPhone, iPad, and iPod Touch through the iTunes App Store. Pandora is also available for Android phones, BlackBerry platforms, HP webOS (used on the Palm Pre, Palm Pixi, Palm Pre 2, and HP Veer), and Windows Mobile devices. Pandora was the provider for MSN Radio until MSN discontinued their internet radio service on June 18, 2008. A modified version of Pandora has been made available for Sprint Nextel. The service has two subscription plans: a free subscription supported by advertisements, and a fee-based subscription without ads. There are also