This document provides an overview of Pandora's business and strategy. It summarizes Pandora's dominance in streaming audio, with 55% of streaming audio market share. It also discusses Pandora's growing connected home and car platforms, which saw 30% and 76% year-over-year growth in monthly unique visitors, respectively. Finally, it outlines Pandora's strategies around experiential engagement, including using data to align advertisers with trending artists and developing custom live events and branded content.

1. 1 CONFIDENTIAL AND PROPRIETARYCONFIDENTIAL AND PROPRIETARY
ENGAGEMENT
REDEFINED
BREAKING THROUGH IN A CONNECTED WORLD

2. 2 CONFIDENTIAL AND PROPRIETARY
1. Christmas
2. Today’s Christmas
3. 90s Christmas
4. Christmas Traditional
5. Country Christmas
2014 Top Holiday Genre Stations
1. Let it Go Idina Menzel (Armin Van Buuren Remix)
2. Happy Pharrell
3. Let it Go Idina Menzel
4. All About That Bass Meghan Trainor
5. Turn Down for What DJ Snake & Lil Jon
Top Songs Added 2014
PANDORA ROCKED THE HOLIDAYS
Source: Pandora Internal Metrics, December 2014
86M
30M
1.8B
22:15HRS
Monthly Unique Visitors
Daily Unique Visitors
Record High (Christmas Eve)
Mobile
YOY MUV increase
Hours Streamed (+16% YOY)
Average Time Spent Listening
Per User
Connected Home
YOY MUV increase
Connected Car
YOY MUV increase
Fun Fact
3 of the top 10 songs added in 2014 were from
the movie Frozen.
10% 30% 76%
2 CONFIDENTIAL AND PROPRIETARY

3. 3 CONFIDENTIAL AND PROPRIETARY
Music is a way for me to relax, feel motivated
about things (like working out), it’s a form of
distraction when I am stressed…
Pandora Listener, Chicago
The right music helps set the mood,
change the mood, bring people up
or mellow people out.
Pandora Listener, Denver
Listening to Music is almost like
talking with a good friend….
Pandora Listener, Denver
@PatriciaAWolf:
Thank you @pandora_radio for the awesome lullaby
stations. My baby girl is sleeping peacefully now.
#exhausted babygirl
@ChelseaRogers:
Last push on my final paper...time for
Christmas @pandora_radio to get me through
this. #procrastinationstation
@shawnthezombie:
@pandora_radio Just wanted to say thanks! I have lost 75
lbs by walking and changing my diet. Pandora was with
me every step of the way
75% CHOOSE MUSIC
AS TOP CHOICE FOR
ENTERTAINMENT.
3 CONFIDENTIAL AND PROPRIETARY
Source: Nielsen, Music 360 Study, 2014

4. 4 CONFIDENTIAL AND PROPRIETARY
THE FUTURE OF MUSIC:
NOW STREAMING ON A DEVICE NEAR YOU
Source: Edison Research, Share of Ear, Fall 2014; Edison Research, The Infinite Dial, 2014
12% OF ALL AUDIO IS STREAMINGLISTENERS SPEND 13 HOURS PER WEEK ON INTERNET
RADIO

5. 5 CONFIDENTIAL AND PROPRIETARY
COMPETITOR LAUNCH DATE
PANDORA LEADS THE PACK
Source: Pandora Internal Metrics, December 2014
86.3M
MUV

6. 6 CONFIDENTIAL AND PROPRIETARY
21.0
18.7
9.7
6.1
AVG. HOURS SPENT LISTENING
PER USER PER MONTH
#1 IN MOBILE TIME SPENT
6 CONFIDENTIAL AND PROPRIETARY
Source: comScore, Mobile Metrix, U.S. A18+, November 2014

7. 7 CONFIDENTIAL AND PROPRIETARY
ARTISTS. LISTENERS. ADVERTISERS.
TRANSFORMING THE MUSIC ECOSYSTEM

8. 8 CONFIDENTIAL AND PROPRIETARY
TRANSFORMING THE MUSIC ECOSYSTEM
ARTISTS. LISTENERS. ADVERTISERS.

9. 9 CONFIDENTIAL AND PROPRIETARY
TRANSFORMING THE MUSIC ECOSYSTEM
ARTISTS. LISTENERS. ADVERTISERS.
SMART DATA. SMART SOLUTIONS.

10. 10 CONFIDENTIAL AND PROPRIETARY
PANDORA PLAYS THE SOUNDTRACK TO LIFE
Source: Pandora Annual User Study, 2014
SOCIAL INFLUENCERS FOOD & MUSIC
MEANS OF
ESCAPE
COMMUTING
EXERCISING
ENTERTAINING
TIME WITH THE KIDS
MEN & SHOPPING
42%
of moms listen to
Pandora with their kid(s)
31%
of men listen while running
errands or shopping
68%
listen while entertaining
63%
listen while exercising
67%
listen while cooking or eating meals
42%
listen while
commuting
64%
of millennials listen
as a means of
escape
52%
of Hispanic listeners say music plays
a significant role in their social life

11. 11 CONFIDENTIAL AND PROPRIETARY
WHAT IS GOOD FOR THE
LISTENER
IS GOOD FOR THE
ADVERTISER
11 CONFIDENTIAL AND PROPRIETARY

12. 12 CONFIDENTIAL AND PROPRIETARY
MOBILE ROI: CRACKING THE CODE
Source: Placed, Mobile Studies, 2014; Millward Brown, Mobile Brand Impact Norms, across 29 mobile campaigns, 2014
MOBILE DRIVES IN-STORE TRAFFIC
18%
Listeners who were exposed
to Pandora’s mobile interstitial
ad were 18% more likely to
visit a store.
TELCO
48%
Listeners who were exposed to
an ad on Pandora were 48%
more likely to visit a store.GROCERY
MOBILE DRIVES BRAND IMPACT
19%
Lift in ad
awareness
18%
Lift in message
association
11%
Lift in purchase
consideration and intent
12 CONFIDENTIAL AND PROPRIETARY

13. 13 CONFIDENTIAL AND PROPRIETARY
EXPERIENTIAL ENGAGEMENTDIGITAL ENGAGEMENTAUDIO ENGAGEMENT
PREMIUM PROGRAMMATICTARGETING LOCAL ENGAGEMENT
BEYOND THE CLICK.
IT’S TRUE ENGAGEMENT.

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TIME SPENT IS THE NEW CURRENCY
ENGAGEMENT REDEFINED

15. 15 CONFIDENTIAL AND PROPRIETARYCONFIDENTIAL AND PROPRIETARY
AUDIO
ENGAGEMENT
CONFIDENTIAL AND PROPRIETARY

16. 16 CONFIDENTIAL AND PROPRIETARY
12% OF ALL AUDIO IS STREAMING
Source: Edison Research, Share of Ear Study 13+, Fall 2014
AMERICA’S SHARE OF TIME SPENT LISTENING TO AUDIO SOURCES
56.1%
11.8%
17.3%
6.4%
5.3%
2.0%1.1%
AM/FM Radio
Streaming Audio
Owned Music
SiriusXM
TV Music Channels
Podcasts
Other

17. 17 CONFIDENTIAL AND PROPRIETARY
PANDORA DOMINATES STREAMING AUDIO
Source: Edison Research, Share of Ear Study 13+, Fall 2014
55.0%
19.0%
10.0%
7.0%
9.0%
Pandora
Spotify
iHeart Radio*
iTunes
Other Streaming Audio Brands
SHARE OF TIME SPENT WITH STREAMING AUDIO

18. 18 CONFIDENTIAL AND PROPRIETARY
AUDIO IS THE KEY
TO UNLOCKING THE
MOBILITY MINDSET
18 CONFIDENTIAL AND PROPRIETARY

19. 19 CONFIDENTIAL AND PROPRIETARY19 CONFIDENTIAL AND PROPRIETARY
PANDORA’S ENGAGED AUDIENCES
Source: Internal Metrics, October 2014
49%
CLICK
ON ADS
Across all platforms,
Connected Car listeners are
highly responsive to ads.
Connected Home listeners average
daily time spent listening is 24%
longer than the average listener.
CONNECTED CAR AND CONNECTED HOME LISTENERS
ARE HIGHLY ENGAGED AND RESPONSIVE.
58%
Connected Car listeners skip
(58%) and thumb (9%) more than
the average Pandora listener.
PERSONALIZE
MORE 24%
LONGER
LISTENING

20. 20 CONFIDENTIAL AND PROPRIETARY
THE FASTEST GROWING
PANDORA PLATFORMS
Source: Pandora Internal Metrics, December 2014.
20 CONFIDENTIAL AND PROPRIETARY
30%CONNECTED HOME
YOY MUV GROWTH
76%CONNECTED CAR
YOY MUV GROWTH

21. 21 CONFIDENTIAL AND PROPRIETARY21 CONFIDENTIAL AND PROPRIETARY
DIGITAL
ENGAGEMENT
CONFIDENTIAL AND PROPRIETARY

22. 22 CONFIDENTIAL AND PROPRIETARY
CAPTURE ATTENTION
AND SPEND QUALITY TIME
WITH YOUR AUDIENCE.
22 CONFIDENTIAL AND PROPRIETARYBRAND STATIONSPONSORED LISTENING

23. 23 CONFIDENTIAL AND PROPRIETARY
SPONSORED
LISTENING
23 CONFIDENTIAL AND PROPRIETARY

24. 24 CONFIDENTIAL AND PROPRIETARY
CAPTURING ATTENTION
AT SCALE

25. 25 CONFIDENTIAL AND PROPRIETARY
@calebbrumfield:
Watch a 30 second video on pandora for an hour
of unlimitied skips and uninterrupted
play…#bestdecisionever :D
@Mscattyy:
Just when you couldn’t love pepto bismol anymore
they give ya an ad-free hour on pandora
@campbellmike74:
@PlayStation giving me a whole hour of ad free listening on Pandora…
Makes me reconsider…. Might have to ditch the Xbox one.
@KellyBlasky:
I love love love Pandora’s
uninterrupted hour of listening!
@sarayray0722_
Man shoutout to PS4 for the hour of uninterrupted
listening on Pandora #youdareal1
@Jarameyo:
Why yes pandora … I would in fact love to listen
to an uninterrupted hour of music …
How convenient of you to ask …
ENGAGEMENT THAT’S TALKED ABOUT

26. 26 CONFIDENTIAL AND PROPRIETARY
SPONSORED LISTENING IN THE PRESS
AD EXCHANGER
ADWEEK
BILLBOARD
BUSINESS INSIDER
CLICK Z
FORBES
HYPERBOT
LOCKER DOME
MEDIA LIFE MAGAZINE
MUSIC WEE
RAIN NEWS
THE NEXT WEB

27. 27 CONFIDENTIAL AND PROPRIETARY27 CONFIDENTIAL AND PROPRIETARY
BRAND
STATIONS
27 CONFIDENTIAL AND PROPRIETARY

28. 28 CONFIDENTIAL AND PROPRIETARY
BRAND STATIONS
DRIVE ENGAGEMENT
• Mobile Engagement
• Data Fuels Station Creation
• We are Experienced
JUMP TO WALKTHROUGH
MOBILE MAFIA AWARD 2014
BEST B2C MOBILE BRANDING

29. 29 CONFIDENTIAL AND PROPRIETARY
WHAT WE’VE LEARNED IN 2014:
29 CONFIDENTIAL AND PROPRIETARY
STATION LISTENING
TRENDS AND
AUDIENCE DATA IN
REAL-TIME
HELP TO
RE-ENGAGE LAPSED
LISTENERS
ENHANCED
AUDIENCE BUILDING
TOOLS
MORE STATION
CURATION
FLEXIBILITY

30. 30 CONFIDENTIAL AND PROPRIETARY
ADVERTISING WITHIN
BRAND STATIONS
*Creative and ad copy is for demonstration only.
• Full screen ad displays with CTA
• In-Station Audio Tile displays with
audio spot

31. 31 CONFIDENTIAL AND PROPRIETARY
WHAT’S NEW IN 2015:
AUDIENCE INSIGHTS TOOL
Source: Pandora Internal Metrics, November 2014

32. 32 CONFIDENTIAL AND PROPRIETARY32 CONFIDENTIAL AND PROPRIETARY
EXPERIENTIAL
ENGAGEMENT
CONFIDENTIAL AND PROPRIETARY

33. 33 CONFIDENTIAL AND PROPRIETARY
TRANSFORMING THE MUSIC ECOSYSTEM
CONNECTING ARTISTS, LISTENERS & ADVERTISERS
LISTENERS
• Highly personalized experiences
• Music they like and new music
they’ll love
• Exclusive artist content,
free concerts, and
“I was there when” moments
ARTISTS
• Deeper relationships with
new and current fans
• Valuable insights and new
modes of distribution and
communication
• Strategic partnerships
for new revenue streams
ADVERTISERS
• Relevance and authenticity
via the passion point of music
• Power of Pandora, from data
insights to 360° experiential
• Quality time with your
audience and enhancing
their experience
LISTENERS
ADVERTISERSARTISTS

34. 34 CONFIDENTIAL AND PROPRIETARY
EXPERIENTIAL ENGAGEMENT REDEFINED
Deliver exclusive
digital content3 Develop events
& activations4 Measure the
post-event effect5 LeveragethepowerofPandora
6Identifytrendingartists
1 Target & invite fans
onPandora2
PLAY
SIZZLE

35. 35 CONFIDENTIAL AND PROPRIETARY
0
200
400
600
JAN FEB MAR APR MAY JUN JUL AUG *
STATIONADDS
(THOUSANDS)
0
7
14
21
28
JAN FEB MAR APR MAY JUN JUL AUG
STATIONADDS
(THOUSANDS)
LEVERAGING DATA TO ALIGN
ADVERTISERS WITH TRENDING ARTISTS
Station Adds = Total number of new station adds on Pandora
0.0
0.5
1.0
1.5
2.0
JAN FEB MAR APR MAY JUN JUL AUG
STATIONADDS
(MILLIONS)
Pandora
books Iggy
“Fancy” hits #1 on
Billboard Charts
Iggy
headlines
Pandora
Summer
Crush
220%
Pandora
books MAGIC!
for PDD SXSW
“Rude” hits #1 on
Billboard Charts
MAGIC!
plays
Pandora
Summer
Crush
377%
Pandora
books Rita
“How We Do (Party)”
hits Billboard Charts Rita plays
Pandora
Summer
Crush117%
Pandora
books MAGIC!
for Summer
CrushMAGIC!
plays PDD
SXSW
35 CONFIDENTIAL AND PROPRIETARY

36. 36 CONFIDENTIAL AND PROPRIETARY
PANDORA EVENTS & BRANDED CONTENT
JAN – MAR APR – JUN JUL – SEP OCT – DEC
Franchise
Events
Pandora Music Awards
After-Party (LA)
Pandora Discovery Den
at SXSW
Noche de Música con Pandora
(Hispanic)
Pandora Indio Invasion
Pandora Country Event
Pandora Summer Crush
(Back to School)
Pandora Summer Party
(Chicago)
Pandora Discovery Den
Holiday (NYC)
Noche de Música con Pandora
(Hispanic)
Power of
Pandora
Promotion
RSVP House Ad Media & eBlasts, Audience Building Media & Promoted Station Unit,
Social (Twitter, Instagram, LinkedIn, Snapchat), PR
Custom
Programs
Leveraging proprietary data, artist relationships and creativity, Pandora develops
custom events and branded content experiences tailored for client objectives and strategy
(Custom Events, Brand Station Platform, Sponsored Listening)

37. 37 CONFIDENTIAL AND PROPRIETARY37 CONFIDENTIAL AND PROPRIETARY
THANK YOU!