NEW YORK ( TheStreet) -- The stock took a hit. Media hacks wrote lazy headlines and provided their usual thin and poor excuses for analysis.Pandora (P - Get Report) announced audience metrics for June 2013, which are up year-over-year, but down month-to-month.
... over time, the number of listeners and hours listened will hit a certain level and sustain, slowing and, ultimately, stopping the growth of royalty payments. As Cakebread put it, they're not going to keep growing to 100% market share.Therefore, this pause in growth should benefit the company on the cost side of the equation. Of course, that's been the major point of hysteria ever since Pandora went public. Now, with the usual inanity, the hysteria shifts over to concerns over growth. But, clearly, it's part of the model. The company anticipated it. Even predicted it. So why worry? There's no reason to. As the royalty situation works itself out -- as I explain in an article based on my talk with ASCAP's Paul Williams -- Pandora should enter a new phase of growth, which will be, most likely, much more modest than this explosive and what felt like a never-ending recent phase. A little homework goes a long way. Follow @rocco_thestreet -- Written by Rocco Pendola in New York City