Spotify has published a report for 2024, which states that the company paid a record $10 billion to the music industry. Not only artists, but also other partners, including publishers, received these funds.
The report also shows that more than 10,000 artists earn more than $100,000 a year from Spotify. Among them, there are those who earn significant amounts - 1,250 musicians earned more than $1 million, and 60 earned more than $10 million from Spotify alone in a year.
To put this into perspective, ten years ago, in 2014, approximately 10,000 artists earned at least $10,000 a year from Spotify alone. In total, the platform has now paid out nearly $60 billion to the music industry.
One of the key factors of Spotify's success is user retention. Free access with advertising also plays an important role: 60% of Premium subscribers started with it. Availability in many countries and the adaptation of prices to local markets also contributed to the growth of the service.
By the way, the total number of paid subscribers to all music streaming services currently exceeds 500 million. About 252 million of them use Spotify. At the same time, the company believes that it is possible to reach 1 billion paid subscriptions across the industry in the near future.