Spotify says it paid nearly 1,500 artists $1 million or more in royalties for 2024 streams
On this picture representation, the Spotify track app is viewable on a telephone on June 04, 2024 in Unused York Town.
Michael M. Santiago | Getty Pictures
Spotify is minting track millionaires.
Just about 1,500 artists generated over $1 million in royalties from Spotify in 2024, the corporate mentioned Wednesday in its annual Rowdy and Sunny Record.
Spotify mentioned greater than 80% of the artists in that pond didn’t have a tune achieve the app’s World Day by day Govern 50 chart. To succeed in that million-dollar threshold, an artist would wish to have round 4 to five million per 30 days listeners, or 20 to twenty-five million per 30 days streams.
“Spotify has helped level the playing field for artists at every stage of their careers,” the corporate mentioned within the file. “Success in the streaming era doesn’t require a decade-spanning catalog nor a chart-topping hit.”
The inside track comes a few year then the corporate reported a fourth-quarter profits beat that noticed the Swedish track streamer document its first complete hour of profitability.
Spotify mentioned the higher echelon of royalties, artists who generate greater than $10 million, has soared 600% since 2017, attaining a complete of 70 for 2024.
The corporate mentioned it paid an all-time prime of $10 billion in royalties to the track business for 2024, a determine they claimed is “more than any single retailer has ever paid in a year, and over 10x the contribution of the largest record store at the height of the CD era.”
Spotify doesn’t pay in step with current. In lieu, it calculates a rights holder’s “streamshare,” or the share of streams they withdraw from a selected marketplace.