Pandora, Sony/ATV Ink Licensing Deal
November 5, 2015 at 6:45 AM (PT)
PANDORA has reached agreement with SONY/ATV MUSIC PUBLISHING on a multi-year licensing agreement for SONY/ATV’s music catalog. Terms of the deal were not disclosed, but a press release described the pact as "an innovative win-win approach to publisher economics. SONY/ATV achieved its goal of delivering improved performance royalties for its songwriters while PANDORA will benefit from greater rate certainty and the ability to add new flexibility to the company’s product offering over time."
“We believe that this agreement with PANDORA is a major step in the right direction to ensure that our songwriters are fairly compensated for the use of their music on streaming services,” said SONY/ATV Chairman/CEO MARTIN BANDIER. “We are pleased that our songwriters will begin to enjoy the benefit of better rates on one of the most important platforms for music consumption and discovery. It is part of our ongoing strategy to ensure that all digital music services recognize the indispensable value that the words and music of a song bring to their businesses.”
“This is a significant milestone in our long-standing effort to strengthen ties with the music maker community,” said PANDORA CEO BRIAN MCANDREWS. “Over 10 years, PANDORA has built music’s most powerful marketing engine, which we put into action every day for SONY/ATV’s storied catalog. By partnering directly with SONY/ATV, we are proud to lock in our opportunity to connect an incredibly talented community of songwriters with streaming music’s largest and most passionate audience.”