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Spotify Pays Record $11 Billion to Music Industry
28 Jan
Summary
- Spotify paid over $11 billion to the music industry last year.
- This represents the largest annual payment from a retailer in history.
- Payouts grew over 10% from the previous year, with independents getting half.
In the past year, Spotify distributed over $11 billion to the music industry, setting a historical record for annual payouts by a music retailer. This significant sum reflects more than a 10% increase compared to the previous year's disbursements.
Independent artists and labels were major beneficiaries, collectively receiving half of all royalties. Spotify reinvests its share of revenue into developing diverse content, including podcasts, videos, and audiobooks.
The company recently adjusted premium subscription prices in several markets. This move aims to bolster profits and leverage its substantial user base, which stood at 713 million monthly active users by the end of the third quarter.
