I believe that streaming is our future… Invest well and let your profitz grow. Don’t give your money to commercial radiooooooo…
You get the picture. Someone told me not to invest in Pandora, but I did and I’m glad. The streaming company’s shares jumped more than 10% in trading on Monday morning. They are up 22% year to date. The stock is up 22% year-to-date, and it is down 18% over the past 12 months. FYI as of Monday (yesterday).
iHeart Media is slightly up at $5.45 but down over 52 week high from $9.40
Radio One is at $2.58 down from a 52 week high of $4.22
The rise in the stock is due to Pandora being the subject of a hearing with the CRB (Copyright Royalty Board) This is the organization that sets rates for performers to receive when digital services play their music. Citing a Susquehanna analyst, Bloomberg reported on Monday that the register of the Copyright Office has let the CRB use agreements that Pandora already has with the music-rights agency Merlin and the record label Naxos as a benchmark for its decision. In addition they have surmised that lower rates are more beneficial to Pandora, and the agreement with Merlin was actually criticized for being TOO low (via Billboard.com) so this ruling is favorable for Pandora. According to Bloomberg, the analyst expects Pandora’s stock to outperform into the CRB’s decision, which is expected in December. The stock settled up 5.5% at $20.79 per share. Time to buy more?