The New York Times is reporting that Pandora is planning a sale of the company. This is not surprising given the moves Pandora has been making which could either mean sale or bankruptcy reorganization, I guess. Overpaying for Rdio and Ticketfly, for example, deflects attention away from how much Pandora’s management spends to run the company inefficiently.
We’ll have more about this, particularly the bankruptcy implications. And remember our interview with Keith Bernstein of Crunch Digital who advised frequent audits to make sure you get your royalties out before the company goes out of business or is sold.
Blake Morgan had this to say on his Facebook page (from Germany where he is on tour–because that’s where the money is, don’t you know):
I was just about to post an update from my current tour in Germany, but this is simply too satisfying and important not to share first. Pandora broke its moral compact with the people who make their only product: music. Now, they’re facing the consequences. My own story as a music advocate began when an email exchange between myself and the founder of Pandora was made public in The Huffington Post in the summer of 2013. The day after that exchange was published, Pandora lost $130 million of value on the Stock Market in the first half-an-hour of trading alone. 30 months later, this is where their brand is at. Because of all of you––your energy, your defiance, your actions, your courage––they have had to learn a painful lesson: when you betray the people who make your company possible, those people won’t stay silent. And we didn’t. Onward, to victory. #IRespectMusic