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The web radio service's filings show that over half of its revenue (approximately $45 million) was used to pay copyright owners, an amount so high that it expects to have a virtually non-existent profit margin through to 2012. Though the company has grown in the past year and copyright fee expenditures don't represent as large a chunk of the earnings as last year (when it was 60%), concern remains over its ability to make ends meet. Royalty payments are principally made to: SoundExchange (which receive 45 of Pandora's revenue alone), BMI, ASCAP, and SESAC. The company is also looking to "go global" but has encountered problems, as its business model is based on US copyright laws.