Pandora was pushing for its per-stream rate to drop to $0.0011, while the music industry-represented in this particular battle by SoundExchange-was gunning for an increase to $0.0025.
Advertisement
Mariners re-sign Hisashi Iwakuma after L.A. pact falters
Iwakuma was limited to just six starts in 2006 with Rakuten in Japan, dealing most of the year with lingering shoulder soreness. Although the shark had a down year, he is at least healthy and will be able to pitch next season without any question.
We believe that Pandora should be extremely pleased with how things have turned out, because the situation could have been a lot worse.
Disney breaks B mark
Abrams’s film, the seventh in the franchise, which had analysts anticipating a debut anywhere from 0 million to 0 million. This playfulness between filmmakerswhen it comes to records has 30 years of form, especially in the case of Star Wars .
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.
Farrah Abraham comes under fire for revealing plans to adopt a child
Farrah is already mum to daughter Sophia , six, but she is hoping to expand her family by giving her little girl a sibling. Jordan Strauss/Jordan Strauss/Invision/AP Farrah Abraham pictured at the 2015 MTV Movie Awards.
However, the publicly listed online radio service has still yet to turn a profit, and faces continued and heavy competition from other music streaming services like Spotify and Apple Music. Internet radio leader Pandora was ordered yesterday to pay 21 percent more in royalties to record labels, a modest increase that the company hoped would allow growth. The ruling affects many commercial radio stations that stream, as well as services like Pandora.
Unlike the newer services, Pandora does not let users select specific songs, limiting its functionality.
SoundExchange’s response makes it clear there may now be an appeal against the new rates – which remember, are only set at $0.0017 for non-subscription webcasters for 2016, with the potential to rise or fall after that, linked with the US Consumer Price Index.
Shares of Pandora were last seen trading up about 12% at $15.02, with a consensus analyst price target of $18.76 and a 52-week trading range of $11.38 to $22.60. SoundExchange, which distributes payments to artists and labels, said it will closely review the decision and consider its options. Music has tremendous value and is the core foundation of the webcasting industry. Pandora managed to keep rates lower than they could have been but still faces an increase.
Advertisement
Of late it has started doing direct deals, with indie-label repping Merlin on the recordings side, and Sony/ATV, Warner/Chappell, Songs and BMG in the publishing domain. It also recently launched a partnership with the hit podcast “Serial,” its first foray into podcasting, which has the potential to add listener hours (and ad revenue) without the hefty licensing costs that come with streaming music.
