Spotify announced that it distributed $10 billion in royalties throughout 2024.
In 2024, Spotify achieved a historic milestone by disbursing a record-breaking US$10 billion in royalties, marking its largest annual payout to the music industry to date, the company revealed this week.
The Swedish streaming leader reported that nearly 1,500 artists each pocketed over $1 million in royalties last year, underscoring the platform’s pivotal influence on the digital music landscape.
The company also noted that its annual royalty payments have soared tenfold over the past decade, climbing from $1 billion in 2014 to this year’s landmark figure.
However, Spotify’s payout success has not been without controversy. In 2023, it faced a U.S. lawsuit claiming it underpaid royalties for tens of millions of songs, though a New York federal judge dismissed the case earlier this year. Despite these challenges, the record-breaking 2024 payments highlight Spotify’s evolving role in artist compensation amid ongoing debates about its model.
Shandor Brenner is an American journalist recognized for his sharp and insightful reporting on social and political issues. His work is known for its depth, integrity, and the ability to highlight critical societal concerns.