Westergren’s revenue last year was about $50 million. Pandora’s costs for music royalties paid to SoundExchange were about $28 million, according to Digital Music News. Terrestrial radio stations don’t pay a performance royalty for their over-the-air broadcasts, though satellite radio does. Westergren estimates that his company contributed about 44% of al SoundExchange royalties paid by non-interactive streams. He says that suggests how much money the labels could be making if the terms ever change. He says “We’re a shade over 1% of the overall radio marketplace. Multiply that by 100 and you get the found revenue flowing to labels and artists if we were in an Internet radio world instead of a broadcast world.”