Spotify reports first profitable year with $10 billion royalties

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.