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Pandora lifts Q3 revenues 30%, inks USD 90 mln settlement

2015-10-23 09:28:00| Telecompaper Headlines

(Telecompaper) Pandora and a coalition of independent and major record companies have agreed to a USD 90 million settlement for Pandora's use of recordings created before 1972. The settlement was reached between Pandora and ABKCO Music & Records, Capitol Records, Sony Music Entertainment, UMG Recordings and Warner Music Group. The deal resolves the use by Pandora of the recordings. The internet radio service also announced its third quarter results, with revenues jumping 30 percent year-on-year to USD 311.6 million. The net loss however grew to USD 85.93 million from a loss the year earlier of 2.02 million.

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