Record Companies and Pandora Reach Agreement On Pre-1972 Recordings

Washington D.C./Oakland, California -- Pandora (NYSE:P) and a coalition of independent and major record companies announced today that they have agreed to a $90 million settlement for Pandora’s use of recordings created before 1972. The confidential settlement is between Pandora and ABKCO Music & Records, Capitol Records, Sony Music Entertainment, UMG Recordings, and Warner Music Group. The settlement provides a nationwide resolution for Pandora’s use of the plaintiffs’ pre-1972 recordings. “Pandora is excited to have found resolution with these record labels,” said Brian McAndrews, Chief Executive Officer at Pandora. “Together we share a common objective to grow the music industry and support artists. We pursued this settlement in order to move the conversation forward and continue to foster a better, collaborative relationship with the labels.”

“Major settlements with SiriusXM and now Pandora means that an iconic generation of artists and the labels that supported them will be paid for the use of their creative works,” said Recording Industry Association of America (RIAA) Chairman & CEO Cary Sherman. “That is a significant milestone and a big win for the music community. We appreciate the collaborative and constructive approach of Pandora’s team in resolving this longstanding issue for artists and labels.”

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The Recording Industry Association of America (RIAA) is the trade organization that supports and promotes the creative and financial vitality of the major music companies. Its members comprise the most vibrant record industry in the world. RIAA® members create, manufacture and/or distribute approximately 85% of all legitimate recorded music produced and sold in the United States.

In support of this mission, the RIAA works to protect the intellectual property and First Amendment rights of artists and music labels; conduct consumer, industry and technical research; and monitor and review state and federal laws, regulations and policies. The RIAA® also certifies Gold®, Platinum®, Multi-Platinum™ and Diamond sales awards as well as Los Premios De Oro y Platino™, an award celebrating Latin music sales.

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