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Spotify announces it paid out $10 billion to music industry in 2024
Spotify announced on Tuesday that it had paid out $10 billion USD (about $14.4 billion CAD) to the music industry in 2024, contributing nearly $60 billion USD (roughly $86.5 billion CAD) since its founding in 2006. It also says that over 10,000 artists generate over $100,000 USD (approximately $144,210 CAD) annually from Spotify alone. This is a significant increase from 2014, when, the company estimates around 10,000 artists generated about $10,000 USD (about $14,421 CAD) per year on the streaming service.
Additionally, Spotify says that more than 500 million people pay for music across all streaming services, but it wants a world with 1 billion paying listeners.
Spotify says that before music streaming, it was difficult for people to enter the music industry, but “now, you can record something today and have it on Spotify tomorrow; everyone’s invited.”
The Verge points out that while this seems great for the music industry, some have complained about Spotify reportedly having lower per-stream artist payout rates than other streaming music services. Some have complained that since the streaming service focuses on promoting big artists, it’s difficult for new musicians to be discovered on the platform.
However, according to The Verge, Spotify’s head of music communications says that these competitors have higher per-stream rates because their services have low engagement and that Spotify is optimizing for a higher overall payout.
Source: Spotify, The Verge
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