I think Pandora will go back into heavy losses if they raise money. I love Pandora as a service, but it's a far cry from being a Netflix. ( a long time paying customer of both )

Pandora's revenue is threatened by so much, RIAA contracts, pirating, advertisings race to zero ( via google ), etc...

They know this, and they will need to reinvent themselves to be worth anything. As a result I predict they will blow the 100 million on radically new business methods. Considering the success rate of music companies... I am worried.