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View all search resultsPandora loses to BMI in court hearing, vows to appeal
Internet streaming leader Pandora Media Inc
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I
nternet streaming leader Pandora Media Inc. says it lost a court hearing in a dispute with music publishing rights group BMI over royalty rates, but will appeal.
Pandora says it's confident it can win later since the appeals court ' the 2nd U.S. Circuit Court of Appeals in New York ' last week ruled in its favor in a case against the other major publishing group known as ASCAP (AZZ-cap).
Thursday's ruling would force Pandora to pay 2.5 percent of its revenue to songwriters and music publishers, up from 1.75 percent. Last week's appeals court ruling allowed Pandora's 1.85 percent rate to ASCAP to stay intact.
If the appeal fails, Pandora says its costs could rise by 0.8 percent of revenue, which would have amounted to about $1.7 million last quarter. (*)
