Mostly correct. Radio, satellite, and internet all pay different kinds of royalties at different levels (or used to, last I checked). I believe radio only pays the songwriters/publishers, whereas [streamer] might’ve also paid the performers.

This is also different than how individual companies - say Spotify - pay for content via direct deals.

I’m also confused because Pandora is ad-supported and generated ~1B per year, but the numbers here are low. But that may be captured in some other metric.