Another rough day for Pandora! Shares of 'P' dipped to an all-time low of $9.03 in Monday trading before landing at $9.18, thanks partly to profitability concerns and escalating competition from Clear Channel and even Rdio. The NYSE was also getting dragged southward, though Pandora easily outpaced the decline.
Most 'college battles' involve Solo cups and blurry endings, though the entrepreneurs behind 'College Battle' are tapping the rich musical vein that lives on campuses nationwide. The Battle bus is now pulling into campuses and staging regional face-offs, with winners headed to Los Angeles for superstar recording sessions and marquee opening slots. The action starts April 22nd in New York; more at collegebattle.com.
Also, Digital Music News made the interviewee list for an upcoming CNN piece on music ownership, consumption, and complex licensing. Investigative reporter Jareen Imam kept unpeeling the onion until we both cried it out...
As long as we're starting things with a '$b,' who else should Facebook buy? 'The Social Network' just acquired Instagram for $1 billion, a lofty, Valley-style valuation for a two-year old, profitless company.
Separately, the Wall Street Journal published a detailed look at what Facebook apps are grabbing - and redistributing - when it comes to your personal data. Oh wait: we see you've already read that article...
MegaUpload - and its high-powered lawyers - are now pushing for the preservation of a gigantic pile of data, particularly US-based bits-and-bytes stored by Carpathia. The argument, according to MegaUpload, is that wiping the data would destroy evidence that could be critical to the defense. It's the start of a long-running and complicated clawback attempt for the company.
ASCAP has a bunch of stuff coming up. The General Annual Membership Meeting happens April 12th, and the ASCAP Expo12 kicks off at the same time. Both are in Los Angeles, check ascap.com for more details.
And, the sad story surrounding Sony Corporation continues. Amidst major management changes, the company has now projected a record annual loss of 520 billion yen, or $6.4 billion.