Music streaming giant Spotify announced on Wednesday that it paid a record $10 billion in royalties to the music industry in 2024, marking the largest single-year payout in its history.
In a report, Spotify said the $10bn payout was “the largest in music industry history”, comparing itself to Tower Records at the peak of the CD era in the early 2000s. It reported €1.1bn in net income for the year.
The Swedish company revealed that nearly 1,500 artists earned over $1 million in royalties from the platform last year. Additionally, its total annual royalty payments have surged tenfold from $1 billion in 2014, reflecting the rapid expansion of the streaming economy over the past decade.