SiriusXM, the home of Howard Stern, said it expects to record a $1 billion non-cash impairment charge for its Pandora music streaming service, due mainly to the impact of per-play royalty payment costs. "The uncertainty we have this year and the potential for higher royalty costs will likely drive lower margins and have a meaningful impact on Pandora's profitability over the coming years and this drives the bulk of the expected impairment," Jennifer Witz, newly-installed CEO of the audio entertainment giant, told the 2021 Citi TMT West Conference during a session that was webcast on Thursday.
Besides statutory royalty rates for artists, Pandora has direct licensing deals with major label groups. And Witz said a recent fall in ad revenue for.
Read more on hollywoodreporter.com
Celebsbar.com is a large online platform sharing celebrity gossip and latest showbiz news. Exclusive interviews, fresh photos and videos, breaking news, scandals and more is waiting for you here.
Stay tuned to know everything you wish about your favorite stars 24/7.
Check our daily updates and make sure you don't miss anything about celebrities' lives.
Owner: SNOWLAND s.r.o.
Registration certificate 06691200
Address:
Snowland s.r.o.
16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
Czech Republic
©2024. All rights reserved.