Pandora to reduce royalty payments by a third in the 'next few years'
Artists should expect Pandora’s royalty payments to drop by a third over the next few years, according to the web radio service’s chief financial officer Mike Herring.
Herring said yesterday at a conference in California that royalty rates could decline to 40% of revenue from the current 60%.
Rising music costs is reportedly to blame for the reduction - music costs amounted to 61% of the company’s $125.1 million in revenue during the quarter ended January 31, compared with 59% ...
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