Swedish Spotify Technology, the operator of the eponymous music streaming service, paid $10 billion in royalties to musicians and record labels through 2024.
According to the company’s report, payments increased 10 times compared to 2014, when royalties amounted to $1 billion. Since the service’s launch in 2008, Spotify has paid copyright holders $60 billion.
This is the first detailed report from the company, which indicates specific amounts of payments, MarketWatch notes.
Some musicians have previously criticized Spotify, emphasizing that its fees are not sufficient compensation. Because of this, Taylor Swift broke off relations with the company in 2014 and removed her discography from its platform.
Spotify shares rose 4.2% in New York trading on Wednesday. The company’s market capitalization has doubled to $102.1 billion in the past 12 months.