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

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.

/Lucas Jackson

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)