MUMBAI: Music discovery platform-Pandora and music publisher-Sony/ATV Music Publishing, entered into a multi-year licensing agreement for Sony/ATV’s catalogue of musical works. This direct agreement will create business benefits for Pandora, while modernising compensation for Sony/ATV and its songwriters in the US.
With this deal, Pandora will benefit from a greater rate certainty and the ability to add new flexibility to the company’s product offering over time. This deal will enable Sony/ATV’s songwriters to enjoy improved performance royalties. The press note stated that there are specific terms which are confidential which will be used together to build an innovative win-win approach to publisher economics.
This deal does not affect public performance royalties of rights holders of master recordings.
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Sony/ATV chairman and CEO Martin Bandier said, “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.”
He added, “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 recognise the indispensable value that the words and music of a song bring to their businesses.”
