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Pandora CEO May Be Stepping Down, Apple Music Wants Lower Royalty Payments, TuneCore Nears $1B Revenue

Posted by Glen Sears | June 26, 2017 10:56 am | No Comments

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Story of the Week

Pandora CEO Tim Westergren May Be Stepping Down, According to a New Report
According to Recode, Pandora hasn’t selected a replacement for Westergren, sources say; he will likely stay on at the company he founded 17 years ago until a new CEO is in place.

Top Music News Highlights

Pandora [P] Stock Up On Report Of CEO Westergren’s Exit. Wall Street seemed to approve of the potential changes at Pandora, with Pandora stock up 2.78% to $8.51 by mid-day trading.

Apple Wants To Reduce Royalty Rate It Pays Record Labels. According to a report from Bloomberg, the Cupertino giant’s long-term licensing deals with the labels for both Apple Music and iTunes are due to expire at the end of this month.

TuneCore Artists Nearing $1 Billion in Revenue. The company said that as of May 31, artists have earned more than $920 million on the strength of over 75 billion streams and downloads.

Elon Musk’s Tesla Looks Set To Launch Its Own Music Streaming Service. Tesla is reportedly looking at launching multiple tiers of pricing, starting with a ‘Pandora-like web radio offering’.

The BPI Has Now Sent 312M Takedowns To Google. In the last month alone, the BPI has requested 11.2m URLs to be removed from Google’s public search listings, with Google’s transparency report revealing that 99.8% of URLS reported by the body are ultimately removed.

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