Pandora (P), Warner Music Group Enter Recorded Music Licensing Agreement
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Pandora (NYSE: P) 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.
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