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The Market's Most Exciting Company Not Named Apple

Is a dream a lie if it don't come true/Or is it something worse

-Bruce Springsteen, "The River"

NEW YORK ( TheStreet) -- At the end of this article, I embed an interview CNBC conducted with former Cracker frontman David Lowery.

Lowery made headlines this week when he claimed Pandora (P - Get Report) only paid him $16.89 for over one million streams of Cracker's hit song "Low."

Here's a link to Lowery's original blog post that a pathetically uncritical music, tech and financial media spread like a cancer, further misinforming readers.

Then, tech blogger Michael DeGusta came along, adding quantitative bite to my ongoing qualitative punch. On Wednesday in A Pandora Blog Post You Must Read Right Now, I give DeGusta fist pumps and chest bumps for exposing Lowery's claims for what they are -- misleading, without context and, at times, just flat inaccurate.

Then, in the CNBC interview, Lowery, "to be fair," provided a bit of the context he conveniently left out of his original attack on Pandora. But it's not nearly enough. Not even close.

Later in the day, Pandora co-founder Tim Westergren went a long way toward setting the record straight in a lengthy blog post. It's well worth your time.

What a crazy day in another crazy week in what has been a crazy series of months in this chaotic story. We have a new most exciting company on the stock market and it's name is Pandora.

And, for me, it should get even more interesting Thursday afternoon when I meet with ASCAP President and Chairman Paul Williams.

I hope a discussion with the legendary and visionary Williams will help bring meaning to some of the more vexing questions I continue to consider.

For example, Lowery sidestepped a question Scott Wapner asked on CNBC. Wapner wanted to know what the royalty situation looked like prior to Pandora entering the scene. Lowery didn't have an answer. Or he just didn't want to answer because the correct response is not on the list of talking points groups such as The Recording Industry Association of America (RIAA) and musicFIRST provide.

There's a straightforward answer to Wapner's query. Pandora did not come along and break a well-oiled machine. The royalty structure, by and large, has never worked for a majority of artists. It's ineffective, bloated and oppressive.
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