The just-filed IPO documents by Pandora Media show a company on the rise. The popular web radio service served up more than one billion (yes, with a ‘B’) listener-hours in the final quarter of 2010—a five-fold usage increase in two years. But read the S-1 with the term “copyright” highlighted—as I just did—and you’ll also see some big challenges for Pandora and any other web radio services that hope to make it big.
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