Pandora says has paid $500 million 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 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)
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