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Pandora CFO Says Music Costs Will Decline
3-20-13
Bloomberg reports that Pandora CFO Mike Herring speaking at an investor conference yesterday said he expects the fees Pandora pays record labels to decline to 40 percent of revenue. The company currently pays 60 percent of its $125.1 million in revenue for the music it plays. Herring said, "Pandora is gearing up for a long debate on setting royalties for 2016 and beyond." A two-year arbitration process to set new rates begins in January.
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