If you do the math, this just doesn't sounds that crazy. A streamed song on a radio just isn't worth that much, and there are many, many fingers in the pie here. Especially since he gets just 40% of the rights involved, and that's not the rights for the song ownership: this is just the cut for the songwriter - not the for the performers or the song owners.

I'm assuming he's getting the normal SoundExchange deal, but it's not 100% clear.

Sure, it's not very much, but what exactly was he expecting?