Spotify has set a record by paying $10 billion to the music industry in 2024, reflecting a significant increase in revenue for artists. Currently, over 10,000 artists earn more than $100,000 each per year on the platform, compared to just 10,000 artists making at least $10,000 annually in 2014. Spotify's model includes diverse revenue streams, and it continues to compete with YouTube, Apple Music, and Amazon Music in terms of payout per stream. With over 252 million subscribers and plans for growth, Spotify is set to maintain a stronghold in the streaming market.
Spotify has reported that in 2024 it paid $10 billion to the music industry, a historic figure that underscores its role in artist revenue.
Over 10,000 artists earn over $100,000 annually thanks to Spotify, a significant increase compared to a decade ago when only 10,000 made $10,000.
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