A sad day may be approaching for online music lovers. Pandora may soon be shutting down its website and music service due to increased royalty fees.
"The Copyright Royalty Board's decision raised a then-current 8/100 of a cent per song per listener to 19/100 of a cent under the same conditions in 2010."
This rate hike is a major blow to Pandora, which is currently losing money due to royalty fees. Of the $25 million of revenue that they bring in this year, 70% will go to royalty fees.
The death of my favorite App from the AppStore might be approaching soon. Will this further anger music fans? Of course. Pandora has over 1 million daily users, including me. I have spent at least $20 on music after hearing it first on Pandora. Hopefully, the CRB comes to its senses before it is too late...
Read the full article on Pandora here.