Pandora, the Internet radio service, has announced that it has generated more than $1.5 billion in all-time royalties for music makers, marking a milestone for ad-supported music streaming. The company currently has nearly 80 million active monthly users tuning in to its service for more than 20 hours every month on average.
Brian McAndrews, chairman and CEO of Pandora, comments, “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. 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 achieved this milestone due to joint revenue streams flowing from ad-supported and paying subscribers. The combined income from both sources enabled Pandora to monetize its advertising for the benefit of music makers, while additionally drawing monthly payments from listeners who prefer an ad-free experience. This ability to drive royalties to artists from subscription as well as previously untapped advertising revenue streams is integral to Pandora’s mission to foster growth for the music industry.
For more details, visit pandora.com.
