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Pandora Media

Pandora is the leader in internet radio in the United States, offering a personalized experience for each of our listeners. We have pioneered a new form of radio – one that 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 October 2011, we had over 100 million registered users, which we define as the total number of accounts that have been created for our service at period end, and we added a new registered user every second on average. For the nine months ended October 31, 2011, we streamed 5.5 billon hours of radio listening and as of October 31, 2011, we had 40 million active users. We have more than a 65% share of internet radio listening time among the top 20 stations and networks in the United States, according to a September 2011 report by Triton Digital Media. Since we launched the Pandora service in 2005, our listeners have created over 2.0 billion stations.

One key element of our strategy is to make the Pandora service available everywhere in the United States that there is internet connectivity. To this end, in 2006 we began to partner with manufacturers of home entertainment systems and other consumer electronics products to integrate the Pandora service with their products. In 2009 we began to develop relationships with major automobile manufacturers and their suppliers to introduce the Pandora service for automobiles. We are currently available on models of Ford, Lincoln, Mercedes-Benz, MINI, BMW, Hyundai, Scion and Toyota. Additionally, Cadillac, Lexus, Chevrolet, Buick, GMC, and Honda have publicly announced their plans for future Pandora integrations.