Copyright Royalty Board decision to raise songwriter streaming rates leaves out majority of Pandora's business [MarketWatch]
PANDORA MEDIA (P)
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Source: MarketWatch
Copyright Royalty Board decision to raise songwriter streaming rates leaves out majority of Pandora's business The Copyright Royalty Board of the U.S. Library of Congress decided over the weekend to bump up the amount streaming services like Spotify and Apple Inc. AAPL, -1.38% have to pay songwriters for interactive streaming by roughly 44% over the next five years. Under the new ruling, streaming companies will have to pay 15.1% of their revenue to songwriters and music publishers, up from 10.5%. In a note to clients on Monday, Raymond James analyst Justin Patterson wrote that the decision won't affect advertising, which is the majority of Pandora Media Inc.'s P, +3.13% revenue. Pandora shares rose nearly 5% during intraday trade on Monday. "The [Copyright Royalty Board's] decision to increase interactive rates affects only Pandora's interactive services _ Pandora Plus and Premium," Patterson wrote. "Pandora's ad-supported service, which we project as about 77% of 2017 revenue
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