Pandora Forecasts Music Costs to Shrink to 40% of Revenue
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Pandora Media Inc., grappling with rising music costs, expects the royalties it pays to artists and record labels to decline to 40 percent of revenue from about 60 percent now, Chief Financial Officer Mike Herring said.
The company, the biggest Internet radio provider, expects to reach that target over the next few years, Herring said today at an investor conference sponsored by Roth Capital Partners in Dana Point, California.