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Pandora at 10. Ready to go Public? We go Behind The Numbers.

February 11, 2011

Pandora has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of shares of its common stock. The number of shares to be offered and the price range for the offering have not yet been determined. We've dug up some numbers and broke them down for you here.

Pandora opened shop back in the year 2000 (called the Genome project)
The site lets you create up to 100 unique "stations"
Pandora has a catalog of 800,000 songs from more than 80,000 artists
As of last month Pandora had 80 million members.
It averages one new member every SECOND.
The company claims it has over 50% of all internet radio listening
Pandora users listened for 2.6 BILLION hours between February and October of 2010.
Pandora users have created more than 1.4 billion stations thus far.
Pandora is free or $36 per year for higher quality audio with no ads.
The premium choice brought in $12.3 million January - March of 2010.
Pandora generated $78 Million in ad sales from January to September of 2010.
60% of Pandora Revenue is used to pay royalty fees
295 people are employed by Pandora.
Cash in the bank - $40.7 Million.
$55 Million has been invested by 5 VC firms.
Founder Tim Westergren has a 2.4% stake in Pandora. 
Westergren maxed out 12 credit cards to sustain the company started in 2000 as the Music Genome Project.
CEO Joseph Kennedy holds a 2.7% stake
Pandora filed late Friday. The plan is to raise $100 million in an IPO.
In the most recent year ending January 2010 Pandora lost $16.8 million
Revenue was $90.1 million in the first 9 months of the recent fiscal year.
The S-1 showed revenues of $90 million for the first nine months of 2010, with a net loss of $328,000. 
Fiscal year ending 1/31/10 it lost $16.8 million on sales of $55.2 million.

Who owns what?
(source: Forbes)

Beneficial ownerNumberPercentNumber of
Shares
Beneficially
Owned
Percent
Greater than 5% Stockholders
Entities affiliated with Crosslink Capital(2)34,964,92823.03
Entities affiliated with Walden Venture Capital(3)28,218,30918.59
Entities affiliated with Greylock Partners(4)21,450,67514.13
Labrador Ventures V-B, L.P(5)12,905,1628.50
The Hearst Corporation(6)8,734,5065.75
Entities affiliated with GGV Capital(7)7,853,3415.17
Directors and Named Executive Officers:
Joseph Kennedy(8)4,229,2672.71
Steven Cakebread*
Thomas Conrad(9)2,283,7181.48
Delida Costin*
John Trimble(10)689,583*
Peter Chernin(11)1,205,414*
James M. P. Feuille(2)34,964,92823.03
Peter Gotcher(12)1,595,3801.05
Robert Kavner(13)1,091,054*
Larry Marcus(3)28,218,30918.59
Barry McCarthy504,777*
David Sze(4)21,450,67514.13
Tim Westergren(14)3,644,9912.39
Directors and Officers as a Group (13 persons)101,273,74666.60

 



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