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|Pandora Applauds Reps. Chaffetz and Polis and Sen. Wyden for Addressing Fair Internet Radio Royalty Rate Standards|
The statement, from Pandora Founder and Chief Strategy Officer
"Pandora applauds Reps. Chaffetz and Polis and Sen. Wyden for their sponsorship of the Internet Radio Fairness Act of 2012 and urges legislators to act quickly to extend a fair rate standard to internet radio. As written, the legislation would establish a level playing field for internet radio by putting it under the same rate standard of the Copyright Act as cable and satellite radio.
"Royalty rates for different formats of digital radio are astonishingly unequal. Currently, internet radio shoulders the largest royalty burden, far higher than any other form of radio. Last year, Pandora paid roughly 50 percent of its total revenue in royalties, more than six times the percentage paid by SiriusXM. The Internet Radio Fairness Act of 2012 addresses this discriminatory practice of favoring one form of digital radio over another by extending the common standard to include internet radio.
"The discrimination against internet radio is not only fundamentally unfair, it also undermines the growth of an exciting new form of radio that listeners have embraced, and that provides unprecedented exposure and revenue for thousands of working artists. A more equitable rate structure would drive investment and innovation, bringing greater choice for consumers, and ultimately greater revenue for performing artists. This bill is a win for consumers, artists and technology innovation."
Eric Brown or Mollie Starr, Pandora Corporate Communications, +1-510-842-6996, firstname.lastname@example.org, or Dominic Paschel, Pandora Investor Relations, +1-510-842-6960, email@example.com; or Harvey Valentine, Story Partners for Pandora, +1-202-706-7800, firstname.lastname@example.org