By Hash Techs 
Spotify achieved a new milestone in 2024 by setting a record. Last year, the leading global music streaming service disclosed that it paid $10 billion to the music industry, which is approximately R$ 60 billion. This substantial amount was allocated not only to platform artists but also to company partners like publishers.
Spotify spent $10 billion on the music sector.
Spotify announced that over 10,000 artists are now making at least $100,000 per year on the platform. Additionally, 1,250 artists are earning over $1 million annually, while 60 are making more than $10 million yearly.
About ten years ago, in 2014, there were approximately 10,000 artists making a minimum of $10,000 annually. Currently, the music industry has received close to $60 billion from the streaming service.
Spotify pays $3 for every 1,000 streams, while YouTube, Apple Music, and Amazon Music pay $4.8, $6.2, and $8 per 1,000 streams respectively, according to Duetti, a music financing platform.
Retention is highlighted as a key factor contributing to the service’s success, along with curated playlists. The free ad-supported plan is also significant in attracting users, with 60% of Premium subscribers initially joining through this option.
Over 500 million subscribers are currently paying for different music streaming services, with Spotify having 252 million subscribers and aiming to reach 1 billion soon.
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