Spotify, the music streaming service, claims to have paid the music industry $40 billion in royalties.
On Wednesday, Spotify published its annual music royalties report, dubbed ‘Loud & Clear,’ during its ‘Stream On’ event.
The report highlights the success of artistes on the platform.
“The 2023 update demonstrates that more and more artistes are finding success than ever before: The number of artistes generating $1m+, as well as those generating $10,000+, has more than doubled over the past five years,” the report reads.
“In addition, we estimate that the 50,000th highest-earning artist on Spotify earned more than $50,000 from all recorded revenue sources.
“Loud & Clear also explains how Spotify returns approximately 70% of every dollar it makes for music to the industry, with total Spotify payouts to music rights holders surpassing $40 billion.”
Daniel Ek, Spotify’s founder and CEO, also gave a keynote talk at the ‘Stream On’ event.
“Stream On is about all the ways we are bringing Spotify to life and letting creators at all stages of their careers know that we are open for business,” he said.
“We are focused on building the best home for them – a place where they can establish a career, thrive and grow and where the world can be inspired by their creativity.
“And that’s what we’ve been doing for almost 17 years: building, improving and reimagining this home to better meet creator needs and help them chart new pathways to success.
“As we look to the future, we are excited to expand that ambition to even more creators across new formats. We’re enabling more creativity, discovery and personalization than ever before by providing the best resources, support, and interactivity..”