Pandora has been around since 2000 and has been through its share of ups and downs. It was started as part of the Music Genome Project, ran out of money, raised a ton in March of 2004 and then became a radio service. Now it has become a popular iPhone app.

The company had experimented with audio ads in 2007, with apparently bad reviews. But the ad I heard about the television program Lie to Me wasn’ that bad. It was short enough for me not to get annoyed. The company says, “we try to be extremely respectful of your listening experience, & promise to be prudent, adding, “please keep in mind that you can subscribe for $36 a year to get Pandora ad-free.”

Their listeners, incidentally, are the stuff of marketers’ dreams: between the ages of 18 and 34, tuned-in, savvy and with money to burn. Their advertisers include Procter & Gamble, Microsoft and Anheuser Busch. But though the company has raised about $20 million in venture capital so far, its ad revenue hasn’t kept up with its growth rate. Let’s hope this new wrinkle keeps it going.

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MyVox users will be able to add audio to an abundance of online applications, including: adding voice notes Google maps, recording voiceovers for online slideshows, turning iPhones into recorders and creating customized widgets that allow friends to leave audio messages on their blogs and social network pages.

“Voice represents a new frontier in the Web experience,” said J. Scott Hamilton, president and CEO of VoodooVox. “The MyVox API handles the complexities of the telephony component by capturing the voice of the caller, empowering developers to easily create the next generation of voice-enhanced applications and services. We fully expect MyVox to lead to a proliferation of voice mashup innovation.”

MyVox also gives mobile developers a new revenue stream. All MyVox call volume passes through the VoodooVox In-Call Network Exchange, an audio ad network comprised of over 500 call publishers. The VoodooVox ICNx inserts targeted ad-supported media directly into the call stream, sharing revenue with its call publishers.

VoodooVox’s In-Call Media process involves the targeting insertion of ad-supported audio content directly into the call stream of any type of phone traffic.