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Takeaway: Join us Thursday, September 24th at 12pm and 2pm EDT for a two-part event on the implications of Web IV on P.

The Web IV decision will be a pivotal event for P, with the potential to derail its business model.  The decision will be issued no later than December 15th, and we may get an early read this week in the Register's response to the CRB Judges' questions.  

We will be hosting a two-part event on Thursday, September 24th at 12pm and 2pm EDT to discuss both the bull and bear cases.

  1. P: Webcaster IV = Powder Keg (12pm EDT) – Our bearish thesis discussing the implications of the Web IV outcome on P’s business model.
  2. Speaker Series: David Oxenford, Counsel to Webcasting Companies (2pm EDT) – Fire-Side Chat on the relevant Web IV statutes and the Services' arguments.


P: Webcaster IV = Powder Keg (12pm EDT)

  • Challenging Business Model: Limited operational leverage despite operating under lower Pureplay rates
  • Pandora vs. SoundExchange: A review of the Web IV proceeding, the key tenets of each of their arguments, and why P is losing the key debate
  • Powder Keg: We’ll detail a range of potential outcomes, and the limited wiggle room P has without having to restructure its business model
  • Web IV Catalyst Calendar: The Register’s response is a near-term risk for both bulls/bears, but is not a binary event; it’s tilted against P (i.e. treading water vs. drowning)

Speaker Series: David Oxenford, Counsel to Webcasting Companies regarding CRB proceedings (2pm EDT)

  • Introductory Discussion: Explanation of the relevant statutes regarding the Web IV proceeding (including where may be wrong)
  • Services vs. SoundExchange: Discussion regarding the Services’ primary arguments in the Web IV proceeding
  • Anonymous Q&A: 30-minute session to field your questions

Dialing instructions will be provided Thursday morning.  Let us know if you have any questions beforehand.   

Hesham Shaaban, CFA