Pandora Would Have 30% Upside If Royalty Rules Were To Change

During an investor conference in early 2013, Pandora Media's management had stated that the company expects to lower its content acquisition costs (as % of revenues) to 40% over the next few years. Pandora seems to be on the right track, as is evident from the recent jump in its mobile monetization. Mobile ad revenues stood at $104.9 million in Q3 2013, growing 58% over the same period last year and accounting for more than 70% of overall advertising revenues. The mobile ad RPM for the quarter s...