Swedish streaming service Spotify paid the music industry $10 billion in 2024.
This is the largest payment in a single year, reports UNN with reference to Reuters.
Details
Spotify said its annual payments to the music industry have increased 10-fold compared to $1 billion in 2014. A representative of the streaming giant said that last year almost 1,500 artists earned royalties from Spotify of more than one million dollars.
At the same time, Spotify was impressed by a lawsuit in the US. The company was accused of underpaying royalties for tens of millions of songs, which took place last year. However, this year a federal judge in New York ruled to dismiss the lawsuit.
Addition
Spotify reported its first ever annual profit and record user growth to 675 million. The streaming giant showed a significant improvement in financial performance and announced ambitious plans for 2025.
This was the largest increase in users for the fourth quarter in Spotify's history. The company forecasts that MAU for the first quarter will be 678 million, which is also higher than all previous forecasts.