Pandora Royalties Total More Than $1.5 Billion
Pandora said Wednesday that its all-time royalties payments total more than $1.5 billion, which it called a “major milestone for ad-supported music streaming." The milestone shows Pandora is “achieving significant momentum,” CEO Brian McAndrews said in a news release. “It…
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took us nearly nine years to generate the first billion dollars in royalties, and just over a year to increase that total by 50 percent. We are partnering with music makers to fully tap into Pandora's people, data and technology to unleash the music industry's full potential.” Pandora said the rise in royalty payments stems from its combined income from ad-supported and subscriber-supported versions of its streaming service.