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Wednesday, Jun 26
Pandora (P) +4.1%, adding to yesterday's gains (I, II), after The Verge's Greg Sandoval reports...
Pandora (P) +4.1%, adding to yesterday's gains (I, II), after The Verge's Greg Sandoval reports the company is talking to both music labels and artist groups about resolving royalty disputes. The report comes shortly after Pink Floyd penned an op-ed in USA Today attacking Pandora's attempts to lower rates, and less than a month after Pandora bought a radio station in an effort to lower a portion of its royalties. Pandora paid $0.11/stream last year, and is set to pay $0.13/stream next year and $0.14/stream in 2015. Content acquisition costs made up 66% of FQ1 revenue. Sirius XM's (SIRI) music costs, by comparison, made up just 7.5% of its 2012 revenue.