Pandora signs license deals with Sony, Universal Music
- Wall Street falls as investors ready for Trump's inauguration
- IBM (IBM) Tops Q4 EPS by 13c, FY17 EPS Guidance Beats Consensus
- American Express (AXP) Misses Q4 EPS by 7c, FY17 EPS Guidance Tops Views at Mid-Poinit
- Skyworks Solutions (SWKS) Tops Q1 EPS by 3c, Offers Q2 Guidance, Announces Buyback
- After-Hours Stock Movers 01/19: (SWKS) (QRVO) (NVAX) Higher; (AFMD) (SGYP) (IBM) Lower (more...)
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
(Reuters) - Pandora Media Inc said on Tuesday it had signed direct licensing deals with a number of music labels, including heavyweights Sony Music and Universal Music Group, beefing up its music collection to compete with Spotify and Apple Music.
Shares of the music streaming company fell 1.3 percent to close at $14.10.
The deal with more than 30 independent labels and distributors grants Pandora rights to their U.S. catalog and allows it to offer a new version of its streaming service, the company said.
Pandora, which already has license deals with ASCAP, BMI and more than 2,700 publishers, said the latest deals also give it new advertising opportunities.
Unlike other streaming services that have negotiated deals to allow listeners to pick songs, Pandora has acted more like a radio station that plays songs matching a genre without allowing users to make selections.
The company had 78.1 million active users as of June 30.
SunTrust Robinson raised its rating on the stock to 'buy' from 'neutral' on Monday, calling the deals with music labels and new tiered products positives.
(Reporting by Narottam Medhora in Bengaluru; Editing by Savio D'Souza)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UK retail sales fall sharply in December but fourth-quarter still solid
- Indian central bank working on plan to reduce online charges: sources
- Suspect in $1.6 million New York gold theft captured in Ecuador: police
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!