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

Wed Sep 23, 2015 2:26pm EDT
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(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 about 10 years.

"It 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," Chief Executive Brian McAndrews said in a statement on Wednesday.

Pandora gets revenue from advertising and paid subscriptions.

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

A screen displays the name of music streaming company Pandora on the floor of the New York Stock Exchange shortly after the start of trading in New York July 1, 2013. REUTERS/Lucas Jackson