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The service attracts users who wish to have an automated stream of music tailored to their tastes or who wish to discover new music based on their current preferences. Pandora’s music streaming platform serves two principal customers segments: general consumers and advertisers. Benefits at Pandora Mediaīusiness model of Pandora Media Customer Segments It currently has a market capitalisation of $2.42 billion. At its closing price in 2011 Pandora had a market value of $2.8 billion. Having already raised more than $56 million from investors, including Greylock Partners and Selby Venture Partners, Pandora went public in 2011, in a $234.9 million initial public offering on the New York Stock Exchange. Pandora went live in 2005, initially as a paid-only service until advertisements were introduced later. This, however, did not prove profitable, so in 2004 they returned to their original vision and began developing a consumer-focused online radio platform.
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The founders initially attempted to generate revenue by licensing its technology to third parties such as AOL, Tower Records and Best Buy. They created 400 specifications for every song which is then compared to the listener's preferences in order to suggest other songs or artists with similar characteristics.
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They began developing the Music Genome Project technology, on which the Pandora service would be based, with Glaser leading the technical side with musical contributions from Westergren. The founders aimed to create a personalised online radio service that played only the music a user enjoys. Pandora was founded in 2000 by Will Glaser (“Glaser”), Jon Kraft and Tim Westergren (“Westergren”), originally under the name Savage Beast Technologies. It operates a music streaming platform that provides an automated music recommendation service to its users, playing musical selections based on artist selection. Pandora is a publicly-listed online radio provider.