Pandora says has paid $500 mln in artist royalties in past year

Pandora says has paid $500 mln in artist royalties in past year

(Reuters) – Internet radio service Pandora Media Inc said it paid nearly $500 million in artist royalties over the past 12 months, bringing the total to more than $1.5 billion in approximately 10 years.

"It took us nearly nine years to generate the first billion dollars in royalties, & just over a year to increase that total by 50 percent," Chief Executive Brian McAndrews said in a statement on Wednesday.

Pandora gets revenue from advertising & paid subscriptions.

(Reporting By Lehar Maan in Bengaluru; Editing by Savio D'Souza)

Source: “Reuters”