Sony Music CEO Martin Bandier said, “This rate is a clear defeat for songwriters. This rate is woefully inadequate and further emphasizes of the need for reform in the rate court proceedings. Songwriters can’t live in a world where streaming services only pay 1.85% of their revenue. This is a loss, and not something we can live with.”
The songwriter’s loss is Pandora’s gain. And what did they do to celebrate this win? They decided to raise subscription prices.