Pandora’s Shell Game with Royalty and Revenue

Originally posted on MUSIC • TECHNOLOGY • POLICY: Remember when Pandora used to complain about how royalty costs were over half their revenue?  Let’s take a look at their income statement for the last 12 months (“trailing twelve months” or “ttm”) from Yahoo! Finance: “Total Revenue” of $1,100,000,000.  Because as Sean Parker will tell you, you know…