The Spotify Music app may be seen on a cellphone in New York Metropolis on 4 June 2024.
Michael M. Santiago | Getty photos
Spotify is Mining Music Millionaires.
Nearly 1500 artists generated greater than $ 1 million in royalties from Spotify In 2024 the corporate stated on Wednesday in its annual loud and clear report.
Spotify stated that greater than 80% of the artists in that pool had not reached a quantity that reached the World Each day High 50 graph of the app. To succeed in that threshold of 1 million {dollars}, an artist ought to have round 4 to 5 million month-to-month listeners, or 20 million to 25 million month-to-month streams.
“Spotify has helped to stage the enjoying area for artists in each part of their profession,” the corporate stated within the report. “Success within the streaming period doesn’t require a cross-curricular catalog nor successful of the map.”
The information comes a couple of month after the corporate reported a revenue of the fourth quarter by which the Swedish music streamer noticed his first full yr of profitability.
Spotify stated that the highest echelon of royalties, artists who generate greater than $ 10 million, has risen 600% since 2017 and reached a complete of 70 for 2024.
The corporate stated that earlier than 2024 it paid a file excessive of $ 10 billion in royalties to the music trade, a determine that claimed that “greater than any retailer has ever paid in a yr, and greater than 10x the contribution of the most important file retailer on the peak of the CD period.”
Spotify doesn’t pay per stream. As an alternative, it calculates the “streamshare” of a proper holder or the proportion of streams that they get from a sure market.
