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Let's play a lightning round of Jeopardy!, shall we?
Answer: What is Pandora Radio?
Correct! One of the first movers of the freemium movement, Pandora has built on the early success of Napster, and avoided irrelevance a la RealNetworks' (Nasdaq: RNWK ) Rhapsody, to create a customizable online radio service that now caters to 90 million. That's a smidge above Groupon's 85 million members, and more than four times Sirius XM Radio's (Nasdaq: SIRI ) subscriber base.
The service could enjoy plenty more growth ahead. Pandora doubled revenue to more than $51 million in the quarter ended April 30, according to the company's latest filing with the SEC. Management plans to carry that momentum into a June IPO intended to raise $100 million in equity financing.
We don't yet know whether investors will flood trading desks with orders, as they did when LinkedIn went live. If so, it would make for an interesting contrast. Pandora is rising just as Sirius XM is surging. For years, investors have acted as if these two couldn't coexist, yet it looks increasingly like they can and will.
Have investors changed their tune when it comes to streaming and satellite delivery singing in harmony? Or are they waiting for Apple (Nasdaq: AAPL ) and Google (Nasdaq: GOOG ) to disrupt the balance of power in streamed audio? You tell us. Please vote in the poll below, and then leave a comment to tell us whether you're interested in Pandora's public offering.