Spotify announced a financial report for 2024, announcing record payments to artists and partners.
Spotify Streaming Service sets a new financial record – in 2024 the company paid the musical industry of $ 10 billion. This money was received not only by artists, but also by publishers, producers and other partners.
According to the report, more than 10,000 performers earn more than $ 100,000 a year in Spotify, and 1250 artists received more than $ 1 million. Another 60 musicians gained over $ 10 million only thanks to this platform.
For comparison: In 2014, only 10,000 artists received at least $ 10,000 per year from Spotify. The total amount of service in the music industry exceeds $ 60 billion.
One of the major factors of Spotify’s success is to attract and maintain users. The company records that 60% of premium subscribers have begun acquaintance with Spotify by free access to advertising. In addition, a flexible pricing policy, adaptation of tariffs for local markets and accessing global services plays an important role.
Currently, the total number of paid subscribers of streaming streaming platforms exceeds 500 million, of which 252 million has fallen to Spotify. The company is sure that in the future the total number of industry subscribers can be 1 billion.
Earlier it was reported that Spotify published a list of the most popular artists and songs of 2024 to Ukrainian listeners.
Source: korrespondent
