Market Overview

Register of Copyrights Issues Opinion on Second Novel Question of Law in Pandora Rate Case


Pandora (NYSE: P), today announced the Register of Copyrights delivered her Memorandum Opinion in response to a "novel material question of law" referred to her on September 11, 2015 by the Copyright Royalty Board (CRB). This was the second round of questioning referred to the Register of Copyrights by the CRB in the "Webcasting IV" rate setting proceeding, which will determine rates for the period of 2016-2020. A decision is due in mid-December.

The question referred by the Judges asked whether they were prohibited by the governing statutes from setting rates and terms that may differ across different types of categories of licensors – in essence, whether they can set statutory webcasting royalty rates that vary depending on the identity or category of the record company that owns the recordings performed by a webcaster.

The Register of Copyrights concluded that the question was not properly referred to the Copyright Office for consideration, and therefore she could not offer an opinion on the question of differentiated rates for licensors. The Register further stated that because all participants in the Web IV proceeding had assumed a non-differentiated rate structure for licensors, that is the only reasonable outcome in the Web IV proceeding.

"Pandora supports a uniform rate structure for all musicians," said Dave Grimaldi, director of public affairs at Pandora. "We look forward to the certainty the CRB's December decision will bring to the music industry, particularly as Pandora continues to improve our partnerships with music makers."

The Copyright Office's analysis can be found here.


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 an unprecedented scale. Founded by musicians, Pandora empowers artists with valuable data and tools to help grow their careers and connect with their fans. | Pandora Blog | Pandora LinkedIn | @PandoraPulse

Dave Grimaldi, 202-380-2203
Public Affairs
Dom Paschel, 510-842-6960
Corporate Finance & Investor Relations

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