Spotify reports first profitable year with $10 billion royalties

hypebeast.com

Spotify reported its first profitable year in 2024, revealing it paid over $10 billion in royalties, the largest amount in music industry history. This payout represents about 8.6% of Spotify's current market value of $118 billion. The company also saw a 12% increase in monthly active users, reaching 675 million, and an 11% rise in subscribers to 263 million. Total revenue grew to €4.2 billion, a 16% increase from the previous year. Spotify's Co-President stated that the company is in a stronger position to support artists and enhance user experience. While Spotify pays rights holders, the actual earnings for artists vary based on their agreements with labels and publishers.


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Timeline:

    [2.5]
    Spotify's royalties mainly benefit music industry intermediaries (cbc.ca)
    5d 7h
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    [2.3]
    Spotify's $10B payout benefits few artists significantly (news.yahoo.com)
    5d 7h
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    [2.2]
    Spotify paid £7.7 billion in royalties in 2024 (nme.com)
    5d 7h
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    [2.2]
    Songwriters struggle despite Spotify's $10 billion payouts (variety.com)
    5d 12h
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    [2.3]
    Nearly 1,500 artists earned over $1 million each (cnbc.com)
    5d 13h
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    [2.7]
    Spotify paid $10 billion to artists in 2024 (euronews.com)
    5d 14h
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    [2.5]
    Spotify paid record £7.7 billion in royalties (bbc.com)
    5d 16h
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    [2.3]
    Spotify paid $5 billion to indie artists in 2024 (hollywoodreporter.com)
    6d 0h
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    [2.4]
    Spotify reports growing artist earnings and diverse representation (billboard.com)
    6d 0h
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    [2.4]
    Spotify announces record $10 billion payout to music industry (independent.co.uk)
    6d 0h
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    [2.4]
    Spotify claims improved payouts, but artists disagree (techcrunch.com)
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