Pandora Revenues Up 55%, But Net Loss Also Up 44%
Pandora's revenues increased 55% this quarter, from $89.4 million all the way up to $157.4 million. However, this does not mean that the company is making a profit. Net loss also grew 43.8%, from $5.3 million to $7.8 million. Royalty payments still account for over half of Pandora's expenses.
Pandora to Remove 40-Hour Monthly Listening Limit on Mobile Devices
Pandora will be removing the 40-hours per month listening limit on all mobile devices starting September 1, enabling tens of millions of people to listen to unlimited amounts of music for free. The limit was put in place to keep royalty costs manageable. This could be a move to compete with iTunes Radio, which is supposedly launching next month, though there has been no formal announcement from Apple.
Radiohead Producer Nigel Goodrich Explains His Feelings on Spotify
Nigel Goodrich, who produced all of Radiohead's albums since OK Computer, also plays in the groups Ultraista and Atoms for Peace. Recently, he pulled his' groups music from Spotify, saying, "new artists get paid fuck all with this model." Goodrich sat down with The Guardian to elaborate on this statement. He explains that he is not against streaming, but the current model is run by the record companies that overcharge for albums.
Read the entire interview at The Guardian.