The news could have been worse for Pandora — the music labels wanted more than 20 cents for every 100 plays — and it isn’t unexpected. Pandora flagged the issue for investors way back in 2011, when it went public. And for quite some time the conventional wisdom in the business was that its rates would be going up, which is one of the reasons Pandora’s stock is down this year.
Source: Pandora Music Rates to Increase in 2016; Investors Celebrate | Re/code