Spotify announced a $10 billion payout to the music industry in the last year, totaling nearly $60 billion since its inception. This announcement aims to counter criticism that the platform undercompensates artists. The figure includes payments to publishers and differentiates its contributions from other platforms. Spotify's VP for Music Business, David Kaefer, highlighted the growth potential in the industry, with over 500 million paying subscribers worldwide and a goal of reaching 1 billion listeners. Despite criticisms of lower per-stream payouts, Spotify continues to be a significant revenue source for many artists.
Spotify’s payout of $10 billion to the music industry last year counters narratives suggesting inadequate artist rewards, emphasizing their role as a major revenue source.
David Kaefer emphasized that Spotify aims for a future with 1 billion paying music listeners globally, showcasing optimism and confidence in music streaming growth.
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