Pandora Media Hits $2 Billion Mark In Royalty Payments

Pandora Media Inc. said Monday it has just hit the $2 billion milestone in royalty payments to artists and songwriters. The new milestone comes nine months after the online music service said it reached $1.5 billion. "The rapid acceleration of royalty payments from internet radio is very promising news for the industry," said Chief Executive Tim Westergren. The company said it has nearly 80 million users spending an average of about 23 hours streaming music on its service every month. The stock, which was still inactive in premarket trade, has plunged 36% year to date, while the S&P 500 has gained 1.8%.