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The history of Pandora Media, Inc. has been characterized by many leadership and strategy changes since its foundation in Oakland, CA, in 2000. The company started as a firstmover in the internet radio industry, providing personalized radio stations to users through a website and apps. In recent years, however, Pandora has fallen behind competitors such as Spotify and Apple Music. Despite superior data and algorithms behind its services, it missed the transition to on-demand services. Pandora, like its competitors, is struggling to turn revenue into profit through a freemium business model hindered by high content acquisition costs. Now Pandora must come up with a reasonable strategy to regain ground in the industry and turn a profit before the company runs out of funds.