Despite significant pull-outs from Pandora, parent SoundExchange's H1 royalty payments increased 17.5%, YoY. The company's Q2 results showed it made $208.7m in payments to artists and rights holders, up from $177.6m a year earlier. That number is also up 17.4% from the previous year, which saw $339.5 million in royalties distributed to rights owners. Pandora has been under pressure for years as its business model is increasingly challenged by streaming services like Spotify that offer ad-supported music at no cost.
Despite significant pull-outs from Pandora, parent SoundExchange's H1 royalty payments increased 17.5%, YoY. The company's Q2 results showed it made $208.7m in payments to artists and rights holders, up from $177.6m a year earlier. Pandora has been under pressure for years as its business model is increasingly challenged by streaming services like Spotify that offer ad-supported music at no cost.