Pandora Media Inc Pops On Taylor Swift Withdrawal From Spotify

Pandora Media Inc.

shares gained nearly 3 percent after pop diva Taylor Swift pulled her music from the competing service Spotify Monday. Many of Swift's recordings remain available on Pandora and other streaming music services. "We hope she'll change her mind" privately held Spotify said Monday in a blog post confirming the move. "We love Taylor Swift, and our more than 40 million users love her even more." https://news.spotify.com/sg-en/2014/11/03/taylor-swifts-decision/ But the head of Swift's label, Big Machine, recently called Spotify "a continued race to the bottom." In an interview with Billboard magazine, Big Machine manager Scott Borchetta, joined a long list of people from recording industry critical of Spotify's royalty payment policies. http://www.billboard.com/biz/articles/news/record-labels/5719481/big-machines-scott-borchetta-on-spotify-beats-music-entering Pandora has faced similar criticism but in August sought to assuage the concern with direct deal with musicians through contract with independent label group Merlin and BMG. http://press.pandora.com/phoenix.zhtml?c=251764&p=irol-newsArticle&ID=1955864&highlight= Swift, 24, also on Monday announced a world tour in support of her recently released album 1989. http://taylorswift.com/events Pandora traded recently at $19.83 a share, up 2.85 percent. +0.55 (2.85%)