And that’s just the tip of the iceberg. For over two thousand artists Pandora will pay over $10,000 dollars each over the next 12 months (including one of my favorites, the late jazz pianist Oscar Peterson), and for more than 800 we’ll pay over $50,000, more than the income of the average American household. For top earners like Coldplay, Adele, Wiz Khalifa, Jason Aldean and others Pandora is already paying over $1 million each. Drake and Lil Wayne are fast approaching a $3 million annual rate each.
Holy cow. I thought streaming music wasn’t supposed to be a meaningful revenue source? Is Pandora some exception to the Spotify and Rdio amounts? If other streaming can approach these levels, there will be no argument against them (I would assume).
Update:Here’s some stuff on Spotify. Looks like a revenue stream to my untrained eye.