We have been updating you on all of the latest streaming service news, and Pandora once again has found its way into the headlines.
The online radio service has been making attempts to claw its way back to the top with a game plan to move into interactive streaming, but after a 5.4% drop in shares overnight, it may be tough to come back with a boom. After purchasing Ticketfly and key assets from Rdio, Pandora had $442.6m in the bank with no debt. However, the firm has now acquired $300m through a convertible debt offering, due in 2020.
Wall Street is concerned about the most recent move by Pandora, but also of concern is the possible US statutory rate that ‘webcasters’ like Pandora will have to pay labels from 2016-2020. While it may seem as though funds were quickly raised because Pandora expects its licensing fees to increase, the firm denied such claims.
To read more on the fate of Pandora, head on over to MBW.