OAKLAND, Calif., Sept. 21, 2012 /PRNewswire/ -- Pandora (NYSE: P) released a statement regarding the Internet Radio Fairness Act of 2012, introduced today by Representatives Jason Chaffetz (R-UT) and Jared Polis (D-CO) along with Senator Ron Wyden (D-OR).
The statement, from Pandora Founder and Chief Strategy Officer Tim Westergren, reads:
"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."
Pandora (NYSE: P) gives people music and comedy they love anytime, anywhere, through connected devices. Personalized stations launch instantly with the input of a single "seed" – favorite artist, song or genre. The Music Genome Project®, a deeply detailed hand-built musical taxonomy, powers the personalization of Pandora® internet radio by using musicological "DNA" and constant listener feedback to craft personalized stations from a growing collection of hundreds of thousands of recordings. Tens of millions of people turn on Pandora every month to hear music they love. www.pandora.com
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