On Monday, Pandora announced it has generated more than $2 billion in royalties for artists and songwriters, nine months after announcing it had hit $1.5 billion in royalties paid out.
CEO Tim Westergren said, “The rapid acceleration of royalty payments from Internet radio is very promising news for the industry. We are delighting listeners, driving discovery for new music, and creating powerful new promotional tools for musicians, all while creating a massive new revenue stream for labels and artists that has never existed before from radio. Music-makers and the art they produce are the backbone of Pandora, and I’m proud that we now play such a large role in helping them thrive and grow their careers.”
