Spotify’s Royalty Payments Reach $10 Billion in 2024: A Detailed Overview
This January, Spotify made headlines by announcing its remarkable distribution of $10 billion in royalties to artists for the year 2024. The company has now provided further insights into these figures.
Explosive Growth in Artist Earnings Over a Decade
The total annual payouts to the music sector have skyrocketed by tenfold since 2014. Last year alone, more than 12,500 artists were able to earn upwards of $100,000 each from their music revenues.
The Surge of High-Earning Artists
A striking trend is the increase in artists earning substantial royalties; over 200 musicians crossed the impressive milestone of generating over $5 million each—a notable jump compared to just one artist achieving this back in 2017. Additionally, around 1,500 artists broke through the $1 million earnings threshold.
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