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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Pandora hopes IPO a path to profit AFP - Sunday, February 13 Send IM Story Print Pandora hopes IPO a path to profit Slideshow: Full Photo Coverage: Internet Portals & Search Engines OAKLAND, California (AFP) - – Leading US Internet radio service Pandora on Friday filed plans with US regulators for an initial public offering of stock to raise as much as $100 million. Pandora indicated that it is going public in a bid to get the money it needs to grow and become profitable, and to deal with an accumulated operating deficit of $83.9 million. "A key element of our strategy is to aggressively increase the number of listeners and listener hours to increase our market penetration," Pandora said in a filing with the US Securities and Exchange Commission. "However, as our number of listener hours increases, the royalties we pay for content acquisition also increase," the filing noted. Pandora's revenue has not been enough to offset the cost of paying royalties on songs, and getting big enough to tip the balance with more paid advertising is essential, the startup indicated. The Oakland, California-based firm released internal financial figures that revealed the company finished last year with a net loss of $16.7 million. The bulk of Pandora's revenue comes from advertising, while about 14 percent of the money it takes in comes from subscriptions, according to the filing. Pandora reported having 80 million registered users and that it streamed about 2.1 billion hours of music last year. Pandora was among the top smartphone applications in the United States in 2010. Pandora is available for the iPhone, the Blackberry, the Palm Pre, and devices running Google's Android and Microsoft's Windows Mobile operating systems but does not currently provide service outside the United States. "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," Pandora said. "We believe the promotion of music discovery is one of the reasons why radio has endured as the most popular way to listen to music." Pandora creates personalized radio stations for users based upon their favorite artists or songs and has seen booming growth on mobile devices, according to founder Tim Westergren. He told AFP in an interview last year that Pandora would be "getting into cars and into electronic devices at home." Westergren said that the folks at Pandora were "not huge believers" in subscriptions although Pandora does offer a paid premium service which allows for unlimited listening beyond the monthly 40-hour limit on free accounts. Westergren said Pandora's biggest competitor remains broadcast radio. "They own 90-plus percent of the market," he said. Recommend Send IM Story Print Related Articles Pandora hopes IPO a path to profit AFP - Sunday, February 13 Bing search gaining ground on Google: comScore AFP - Sunday, February 13 Could smartphones go stupid? AFP - Sunday, February 13 Yap.TV lets viewers chat as they watch AFP - Saturday, February 12 US-TECH Summary Reuters - Saturday, February 12 News Search Top Stories Airlift rescues abandoned LA chihuahuas Greece slams 'unacceptable' EU-IMF asset sale call Weber says he had 'minority' view on key issues Iraq suicide bomber kills 27 Shiite pilgrims Erik Guay claims ski world downhill gold More Top Stories » Related Full Coverage Internet Portals & Search EnginesLatest development in the online world All Full Coverage » ADVERTISEMENT Most Popular Most Viewed US golfer Woods finds old habits hard to shake Russia loses military satellite: reports US auto sales jump 17 percent in January Dow closes over 12,000 for first time since June 2008 Egypt's Mubarak to step down at September election More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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