Streaming service Spotify paid the music industry $10 billion in 2024. The money was received by artists as well as other partners, including publishers.
This was reported by the Spotify press service.
In 2014, Spotify’s annual payments amounted to a billion dollars, and the number of paid subscribers was 15 million. As of the third quarter of 2024, the total number of streaming subscribers is 252 million – and 60% of them use the free version with ads.
The streaming service estimated that in 2014, about 10,000 artists generated $10,000 or more on Spotify, and now the same number of artists generates more than $100,000.
In addition, Spotify recalled the 2024 report of the International Federation of the Phonographic Industry, according to which the platform accounts for about a third of global streaming revenue and about half of the income of independent artists.
In early January 2025, the music finance platform Duetti noted that payments for listening to independent artists stabilized after several years of decline. However, Spotify paid the least — $3 per thousand plays. Other platforms, such as Amazon Music, Apple Music, and YouTube, paid $8.8, $6.2, and $4.8 per thousand plays in 2024, respectively, TechCrunch writes. The report also says that while Spotify has been raising prices for its plans over the years, the average payout to musicians has declined.