Spotify Paid Record-Breaking $10 Billion in Royalties in 2024
Spotify announced that it paid $10 billion in royalties last year, marking the largest annual payout in music industry history. The streaming giant emphasized that nearly 1,500 artists earned over $1 million from the platform, even without landing a song in its Top 50 chart. However, the news comes amid ongoing criticism from artists and songwriters who argue that streaming payouts remain too low to make a sustainable living.
Spotify clarified that it does not pay artists directly but distributes royalties to record labels and publishers, who then determine how much artists receive. While the company claims its model has allowed more artists to earn significant revenue than ever before, some musicians remain frustrated. Earlier this year, Grammy-nominated songwriters boycotted a Spotify-hosted event over concerns about their earnings, and a survey of European musicians found that 70% were dissatisfied with their streaming revenue.
