Editor’s Note: Related tickers: Pandora Media Inc (NYSE:P), Apple Inc. (NASDAQ:AAPL)
Pandora Media Inc (NYSE:P) shares trading high (NYSEPost)
The share prices of Pandora Media Inc (NYSE:P) had surged by 2.43 percent to close at $18.16 per share when the market closed for trading on Thursday. The shares of the company had been trading with intraday prices fluctuating in the range of $17.43 to $18.40 per during the day. The shares Pandora Media Inc (NYSE:P) had a market capitalization of $3.17 billion. The stock opened at $17.82 per share. The share price does not make a change in the 52 week low value $7.08 per share and 52 week high value $19.37 per share. This company is located in the United States and it is an internet radio company. 125 million registered users are in the company on January 2012.
Apple’s iTunes Radio Terms Are More Generous Than Pandora’s (Sys-Con)
Ahead of its launch of an online radio service Apple Inc. (NASDAQ:AAPL) circulated terms to independent record labels last week, many of them more generous to the music companies than what rival Pandora Media Inc (NYSE:P) currently pays. Apple Inc. (NASDAQ:AAPL) intends to pay royalties to labels based on a blend of how many times listeners hear their songs and how much advertising Apple Inc. (NASDAQ:AAPL) sells, according to the terms, which were reviewed by The Wall Street Journal. During iTunes Radio’s first year, Apple Inc. (NASDAQ:AAPL) will pay a label 0.13 cents each time a song is played, as well as 15% of net advertising revenue, proportionate to a given label’s share of the music played on iTunes. In the second year, that bumps up to 0.14 cents per listen, plus 19% of ad revenue. That compares to the 0.12 cents Pandora Media Inc (NYSE:P) pays labels per listen on its free service. Apple Inc. (NASDAQ:AAPL) is also offering music publishers more than twice as much in royalties than Pandora Media Inc (NYSE:P) does.
Pandora: Pink Floyd was misled by music labels (BizJournals)
Pandora Media Inc (NYSE:P) has issued a statement challenging Pink Floyd’s accusations that it is trying to slash artist royalties, suggesting that the iconic rock and roll band has been misinformed by the Recording Industry Association of America. Oakland-based Pandora Media Inc (NYSE:P), which streams music to listeners in both ad-supported and subscription formats, was responding to an opinion piece in USA Today in which Pink Floyd’s three surviving members accused Pandora Media Inc (NYSE:P) of trying to trick artists into signing a letter supporting its effort to get Congress to cut the music royalties it must pay for the content it streams.
Pandora Media Rating Increased to Outperform at Cowen and Company (P) (DailyPolitical)
Cowen and Company upgraded shares of Pandora Media Inc (NYSE:P) from a neutral rating to an outperform rating in a research note issued to investors on Wednesday, TheFlyOnTheWall.com reports. The firm currently has $22.00 price target on the stock, up from their previous price target of $15.00. “P has a larger audio ad opportunity, sooner than expected, as it begins to take share of terrestrial radio. We expect a substantial ramp in audio ad revenue from $293MM in FY14E to $1.8BN in FY19E driven by (1) rising listening hours; (2) increasing ad units from 2/hr in FY14 to 7/hr by FY19, which equates to 3.5 minutes/hour of audio ads by FY19, up from 1 currently; and (3) moderate pricing increases.
