As TechCrunch explains, 2016 was a difficult year for Pandora with Spotify, Apple Music and others making big gains in the streaming music space. The company also radically altered its business, with founder Tim Westergren coming in as CEO and the launch of an Rdio-style on-demand listening platform. It also began integrating with Ticketfly, the live gig marketing and ticketing service it purchased in 2015 for $450 million.

In a letter to shareholders, Westergren explained how he plans to keep the company going in the face of its bigger, wealthier rivals. He believes that having a seven day free trial is a useful way of pulling subscribers onto a paid subscription plan. The CEO also praised his advertising team for pulling in more revenue and taking a "more aggressive approach" toward commercial content. We'll wait and see to find out if that's enough to stay afloat in a notoriously cutthroat market.