Good news: Pandora is scheduled to come to the stock market with a “secondary offering”, meaning the company is essentially having a second IPO. According to the Wall Street Journal:
The Internet radio company and its venture-capital backer Crosslink Capital Inc. are slated to offer 14 million shares late Thursday[, i.e., tomorrow], a stake that was worth $336 million when it was announced after Monday’s close.
So music is good business, right? It sure is–for everyone but the songwriters and artists.
In case any songwriter wondered, Pandora has more money than you and they intend to use it to screw you as hard as they possibly can to enrich themselves.
Today Pandora won a truly Pandora-style “victory” in the ASCAP rate court by getting a federal judge to rule that Pandora–a monopolist in webcasting–can use the out of date ASCAP consent decree to force songwriters to license to them.
And make no mistake–this is a very important case to Pandora because the one way that songwriters have of getting out of the trap inside Pandora’s house of cards is to say no and refuse to license to Pandora. And “no” is the one thing that Pandora can’t have you say because their only product is music. The government granted them an effective monopoly on webcasting and Pandora intends to keep it that way.
READ THE FULL POST HERE AT MUSIC TECH POLICY:
MORE HERE AT DIGITAL MUSIC NEWS: