Streaming company Pandora has more money in its coffers after recent new funding from Greylock Partners.
CNET discusses the impact of that funding as well as the recent royalty agreement that requires listeners of more than 40 hours per month to pay 99 cents.
Its report also cites a blog post by Pandora’s Tim Westergren that “the royalty crisis is over” thanks to that deal with SoundExchange and “Pandora is finally on safe ground with a long-term agreement for survivable royalty rates.”
Pandora also collects revenue through ads and a premium service.
Agence France Presse, which has a more detailed story, quoted Greylock’s David Sze saying, “The team at Pandora is really passionate about music and they have worked hard to provide people a great online listening experience. Pandora has reached some impressive milestones, including a user base of 30 million registered users, and it is growing faster than ever.”
Westergren: iTunes Radio to Have ‘Modest’ Impact on Pandora
Pandora’s founder sees recent Web radio deals as helping its upcoming royalty rate-setting