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

Subscription music streaming changed the fortunes of the record industry over the past decade. That’s the message from David Kaefer, Spotify’s VP of Music Business, in a blog

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.

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

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.

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.

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.

Just moments after a report indicated that Apple Music pays far better, Spotify is touting the record $10 billion it paid out to the music industry in 2024 – and eyeing a goal of one billion paid subscribers across all on-demand services.