Pandora (NYSE:P), the go-to music source for fans and artists, today announced a direct licensing agreement for recorded music with Warner Music Group. This agreement enables both companies to support artists and satisfy the full range of music listening experiences for consumers.
“Warner has been a tremendous partner to Pandora and we’re thrilled to expand the relationship in a way that truly supports both of our businesses and the artists we serve,” said Tim Westergren, founder and CEO of Pandora. “With this agreement, we’re on a path to launch the world’s most personal and complete music experience that our listeners will love.”
“Pandora has built a huge audience with a compelling product and we’re looking forward to new and enhanced subscription services for music fans and improved monetization for our artists,” said Ron Wilcox, Executive Counsel for Business Affairs, Strategic and Digital Initiatives, Warner Music Group.
Today, more than 78 million users listen over 24 hours per month to Pandora’s ad-supported and subscription offerings - more than twice the engagement of all other streaming services. Pandora will soon deliver the world’s most personal and complete music experience, while opening up the full power of the platform to connect artists with their fans at scale and leverage the promotional offerings of Pandora’s Artist Marketing Platform (AMP).
The agreement applies to Pandora’s business in the United States.
Pandora is the world's most powerful music discovery platform – a place where artists find their fans and listeners find music they love. We are driven by a single purpose: unleashing the infinite power of music by connecting artists and fans, whether through earbuds, car speakers, live on stage or anywhere fans want to experience it. Our team of highly trained musicologists analyze hundreds of attributes for each recording which powers our proprietary Music Genome Project®, delivering billions of hours of personalized music tailored to the tastes of each music listener, full of discovery, making artist/fan connections at unprecedented scale. Founded by musicians, Pandora empowers artists with valuable data and tools to help grow their careers and connect with their fans.
About Warner Music Group
With its broad roster of new stars and legendary artists, Warner Music Group is home to a collection of the best-known record labels in the music industry including Asylum, Atlantic, Big Beat, Canvasback, East West, Elektra, Erato, FFRR, Fueled by Ramen, Nonesuch, Parlophone, Reprise, Rhino, Roadrunner, Sire, Warner Bros., Warner Classics and Warner Music Nashville, as well as Warner/Chappell Music, one of the world’s leading music publishers, with a catalog of more than one million copyrights worldwide.
Dominic Paschel, 510-842-6960
Corporate Finance & Investor Relations
Stephanie Barnes, 415-722-0883
Warner Music Group
James Steven, +1 212-275-2213
Source : businesswire.com