I owned a SMALL Record Label and Studio. I was (still?) good at picking out talent in bands. The Whole Industry Sucks I had two bands that ended up on Major Labels and Toured the World. I met a kid on the street wearing one of my Bands shirts and struck up a conversation. They still love the band 10 years later. These guys per person made at the TOP $7,000 in profit after expenses were paid. One band did a KickStarte…
Just a side note, I saw the founder of Pandora speak and he said their mission is to create a middle class for musicians by making it easier to discover, listen, and support non-hit artists. I'm not sure if their plan had a broader strategy, but I felt the vision was at least admirable due to its mission beyond just firm profits.
At $0.0001/stream typical, Pandora itself cannot ever add up to meaningful income for a non-hit artist. Most of the income for the non-hit artist will come from that core group of committed fans who buy everything the artist makes, contribute to kickstarters, and shows up at all the concerts.
As a discovery tool Pandora's value is debatable. My anecdotal experience is that of all the various ways that I and other artists I know have made fans, Pandora was never one. YMMV.
(Update: I just found a bit a data that states that Pandora accounts for ~10% of new music discovery which is a lot better than I would have guessed.)