If you can't beat them — and feel like they're two of the biggest thorns by your side — then join them.
That's exactly what Pandora has done, announcing Tuesday that it has inked two separate multiyear licensing agreements with ASCAP and BMI, two of the top of music publishers in the world. The respective deals open the music-discovery platform service to upward of 20 million musical works, according to Pandora.
Perhaps as important, it makes peace between Pandora and two major music publishers, so they can coexist in one space.
"At Pandora we are delivering on our commitment to ensure that music thrives," Brian McAndrews, CEO of Pandora, said in the company's press release statement. "These collaborative efforts with the leading Performance Rights Organizations, as well as our recent direct deals with several music publishers, demonstrate our progress in working together to grow the music ecosystem."
USA Today reported that before this new agreement Pandora paid BMI and ASCAP members 2.5 percent and 1.75 percent, respectively, and although terms of this new deal are undisclosed, the publication thinks the numbers have gone up.
"This agreement is good news for music fans and music creators, who are the heart and soul of ASCAP, and a sign of progress in our ongoing push for improved streaming payments for songwriters, composers and music publishers that reflect the immense value of our members' creative contributions," ASCAP CEO Elizabeth Matthews said, as part of Pandora's announcement.
Added Mike O'Neill, president and CEO of BMI: "We're extremely pleased to reach this deal with Pandora that benefits the songwriters, composers and publishers we are privileged to represent. Not only is our new agreement comparable to the other direct deals in the marketplace, but it also allows us to amicably conclude our lengthy rate court litigation and focus on what drives each of our businesses — the music."
