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Spotify paid $9 billion in royalties in 2023. Here's what fueled the growth

Economic Times · 1y ago

Medial

Spotify paid $9 billion in streaming royalties last year, according to its Loud and Clear report. The report, aimed at providing transparency, reveals record achievements, including the highest annual payment from any retailer to the music industry. It shows that 1,250 artists generated over $1 million each in royalties, with a total of 66,000 artists earning over $10,000. Indie artists accounted for $4.5 billion, and over half of the 66,000 artists were from non-English speaking countries. Spotify also announced it would only pay royalties to songs with over 1,000 annual streams to avoid wasting royalties on songs with minimal streams.