Pandora Clears Hurdle Toward On-Demand Service

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Internet radio service Pandora is ready to launch its on-demand service as it has signed licensing deals with major labels, including Sony and Universal Music.

Pandora also acquired licenses from Merlin Network, a company that represents indie labels, along with The Orchard and over 30 other independent labels and distributors. Pandora now only requires to ink a deal with Warner Music Group.

"This was a truly collaborative attempt to find a solution that would support artists while profitably growing our respective businesses," said Tim Westergren, founder and CEO of Pandora. "And that is exactly what we achieved. Working together, we can reshape the digital music market and grow a great business that provides tremendous value to the music industry for decades to come."

According to reports, Pandora's new $10-a-month subscription service will be similar to Apple Music and Spotify, where a huge number of songs will be available on-demand with no restrictions.

Pandora currently boasts of more than 78 million users, which is "more than twice the engagement of all other streaming services."