Pandora has announced a private placement of $300-million worth of convertible notes — essentially, the company is raising cash. Wall Street is sending P stock tumbling down a steep hill. Pandora is gearing up for a monumental redefinition of its business in 2016. Continue Reading
“We believe we can compete in this space because we come from such a position of strength.” Pandora CEO Brian McAndrews and CFO Mike Herring answered questions in an investor call about the acquisition of Rdio, and Pandora’s ambitious 2016 plan. Click through for voluminous quotes. Continue Reading
Pandora has long been a top dog in the streaming world despite its presence in only three global markets. But new rumors point to that number potentially changing. Unnamed sources have told Bloomberg that the online radio service has started early negotiations with rights holders to take its music access international. Continue Reading
Brief news items and worthy reads from around the web: Behind the scenes with Amazon’s digital music exec; Bandcamp CEO talks new payment policy; Internet radio copyright explainer. Continue Reading
The U.S. Recording Academy is planning a grassroots initiative to help promote the Fair Pay Fair Play Act. The campaign will see more than 1,600 of the Academy’s members visiting their local representatives and policy-makers on Oct. 14 to voice their support for the legislation. Continue Reading
Judge Philip Gutierrez has chosen not to add the latest pre-1972 royalty lawsuit to his docket. ABS Entertainment filed a suit against CBS, Cumulus, and iHeartMedia in an effort to collect royalties for those radio groups’ use of songs recorded prior to the adoption of federal copyright law. The plaintiff tried to have the case transferred to Gutierrez since it focused on potential infringement under the same statute as the suit filed by Flo & Eddie against Sirius XM. Continue Reading
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The weekly update of the streaming audio industry, from RAIN News. THIS WEEK: A talent agency gets into podcasting; radio targeted in pre-1972 lawsuit; Apple disagrees with MusicWatch research; Deezer wants big bucks; Mad Genius Radio shuts down. Continue Reading
Chris Harrison has left his position as senior lawyer and vice president of business affairs at Pandora. He was a key player in several of Pandora’s recent moves, including its purchase of a terrestrial radio station. He also served as an expert witness in this spring’s consent decree hearings and additional proceedings on music royalties in pre-1972 copyright cases. Continue Reading
In this week’s earning call (see RAIN News coverage here), Sirius XM CEO James Meyer and CFO David Frear answered investor questions about connected cars, online streaming, and the recently settled pre-1972 lawsuits. Continue Reading
Another chapter in the saga between Sirius XM and Flo & Eddie has unfolded and potentially concluded. Following the satellite radio company’s settlement with the RIAA for $210 million in royalties for playing songs recorded before federal copyright law took effect, the former Turtles members tried to argue that the settlement would impede its class action efforts against Sirius. The duo made an effort to change the settlement payout, but yesterday received a ruling that the deal with the RIAA did not impact Flo & Eddie’s class action efforts. Continue Reading
Last month, Sirius XM agreed to a $210 million settlement with labels regarding copyright royalties for playing songs recorded prior to 1972. Although that ruling did not appear to have any bearing on the other legal cases artists have brought against the satellite radio company, Flo & Eddie is trying to block the deal. Continue Reading
In this third part of a four-part series, Edison Research President Larry Rosin analyzes the reasons why radio simulcasts do not compete effectively with other streaming choices. Continue Reading