New York, NY (Top40 Charts) Pandora (NYSE:P) and a coalition of independent and major record companies announced today that they have agreed to a $90 million settlement for Pandora's use of recordings created before 1972.
The confidential settlement is between
Pandora and ABKCO
Music & Records, Capitol Records, Sony
Music Entertainment, UMG Recordings and Warner
Music Group. The settlement provides a nationwide resolution for Pandora's use of the plaintiffs' pre-1972 recordings.
"Pandora is excited to have found resolution with these record labels," said Brian McAndrews, Chief Executive Officer at Pandora. "Together we share a common objective to grow the music industry and support artists. We pursued this settlement in order to move the conversation forward and continue to foster a better, collaborative relationship with the labels."
"Major settlements with SiriusXM and now
Pandora means that an iconic generation of artists and the labels that supported them will be paid for the use of their creative works," said Recording
Industry Association of
America (RIAA) Chairman and CEO, Cary Sherman. "That is a significant milestone and a big win for the music community. We appreciate the collaborative and constructive approach of Pandora's team in resolving this longstanding issue for artists and labels."
ABOUT PANDORA
Pandora is the world's most powerful music discovery platform - a place where artists find their fans and listeners find music they love. We are driven by a single purpose: unleashing the infinite power of music by connecting artists and fans, whether through earbuds, car speakers, live on stage or anywhere fans want to experience it. Our team of highly trained musicologists analyze hundreds of attributes for each recording which powers our proprietary
Music Genome Project®, delivering billions of hours of personalized music tailored to the tastes of each music listener, full of discovery, making artist/fan connections at unprecedented scale. Founded by musicians,
Pandora empowers artists with valuable data and tools to help grow their careers and connect with their fans.
ABOUT RIAA
The Recording
Industry Association of
America (RIAA) is the trade organization that supports and promotes the creative and financial vitality of the major music companies. Its members comprise the most vibrant record industry in the world. RIAA® members create, manufacture and/or distribute approximately 85% of all legitimate recorded music produced and sold in the United States.
In support of this mission, the RIAA works to protect the intellectual property and First Amendment rights of artists and music labels; conduct consumer, industry and technical research; and monitor and review state and federal laws, regulations and policies. The RIAA® also certifies Gold®, Platinum®, Multi-Platinum™ and Diamond sales awards as well as Los Premios De Oro y Platino™, an award celebrating Latin music sales.
