Pandora is an internet radio service founded in 1999 that allows users to create personalized radio stations based on songs, artists, or genres. It has grown significantly since launching, now with over 80 million active listeners monthly. Pandora's competitive advantage is its patented Music Genome Project, a music recommendation algorithm that analyzes hundreds of attributes for each song. While facing competition from other music streaming services, Pandora's future growth depends on maintaining affordable royalty rates with the music industry as it renegotiates terms in 2015.