Audio streaming company Spotify said Tuesday that it paid $10 billion to the music industry last year. The company added that it has given nearly $60

Spotify announced on Tuesday that it paid out $10 billion to the music industry in 2024, $1 billion more than last year, and $60 billion since 2006.

In 2014, the music industry reached a low point when global recorded music revenues hit $13 billion. Spotify’s annual contribution at the time was around $1 billion, with around 15 million paying subscribers.

Currently, Spotify boasts over 10,000 artists earning more than $100,000 annually from the platform. A deeper dive into the figures reveals that 1,250 artists earned over $1 million, while 60 artists surpassed the $10 million mark solely through Spotify in a year.

Music service Spotify says it paid out $10bn to the music industry in 2024, taking its lifetime payments to nearly $60bn.

In the blog, humbly titled “Getting the world to value music,” Kaefer describes the pre-streaming era of music as an exclusive club that made it difficult for new artists to enter the industry. “Now, you can record something today and have it on Spotify tomorrow,” said Kaefer. “Everyone’s invited.”

Spotify paid $10 billion USD ($16 billion AUD) to the music industry in 2024, the streaming giant said this week. With last year’s total revealed—a new record for Spotify—the company has paid almost $60 billion to the music industry since its founding.

Compared to Spotify, Apple Music is one of the better-paying platforms for artists. Here's the payment difference between the streamings.

Spotify said today that it paid out a record $10 billion to the music industry last year, bringing its total payments to over $60 billion.

Sure, a decent chunk of that did go to the artists—the release states that “well over 10,000 artists generate over $100,000 per year from Spotify alone”—but it seems to suck for most of those beneath the Bad Bunnys and Taylor Swifts of the world.