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 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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