Exhibit 3 Pandora Radio: Summary of Key Performance Metrics Revenue CPM rate $7.00 Average number of ads per listener per hour 7 Percent of inventory sold in typical month 60% Average ad revenue per listener per hour $0.0294 Fixed cost Head count $12,000,000 Other fixed costs $10,000,000 Variable costs per hour of music streamed Royalties $0.0154 Revenue-based commissions and other costs 0.0074 Streaming costs 0.0030 Total variable costs $0.0258 Variable cost of streaming 40 hours of music $1.0308 Variable cost of streaming 150 hours of music $3.8655 Hours played per day Number of users who use Pandora during a given day 1,800,000 Average hours per user per day 2.5 Total played hours per day 4,500,000