Home Featured Spotify reveals it paid out $10 billion to the music industry in 2024
Spotify reveals it paid out $10 billion to the music industry in 2024
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Spotify reveals it paid out $10 billion to the music industry in 2024

Home Featured Spotify reveals it paid out $10 billion to the music industry in 2024

Although at times controversial, Spotify remains the largest streaming platform and has now revealed its 2024 payout to the music industry. The numbers show growth in the platform and the industry from the prior year.

In the age of streaming, artists, labels, promoters, and of course, streaming platforms are more focused on digital numbers than record sales and appear to be in a continued struggle to determine a fair cost for the art. Controversy aside, Spotify does pay out a massive amount of funds to the music industry and the platform just revealed how much that came to in 2024. Utilizing stats from Chartmetric, the team at Music Business Worldwide (MBW) determined that Spotify paid out $10 billion last year to the industry. This figure would equate to the streaming service submitting payments of $833 million every month. The past year also saw the company surpassing the $60 billion in payouts since its inception in 2008.

With Spotify set to release its Q4 financial reports shortly, the team at MBW will then be able to calculate the exact percentage of its revenue that was paid back to the music industry. In the meantime, some bright spots as Spotify’s VP of Music Business David Kaefer pointed out, the industry hit a low in 2014 when “the music industry reached a low point when global recorded music revenues hit $13 billion.” The growth is also seen strictly within Spotify as the 2024 payout amounted to $1 billion more than the previous year.

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