Spotify says paid out $10B to music industry in 2024

In a blog post, Spotify (SPOT) says it paid out $10B to the music industry in 2024, up from $9B in 2023, taking its total to nearly $60B since its 2006 founding. “For a lot of people, those numbers might go in one ear and out the other. And they’d perhaps ask why Spotify keeps shouting about it. It’s because the system we’ve built together is working, and where we are now is only the beginning. Today, there are more than 500 million paying listeners across all music streaming services. A world with 1 billion paying listeners is a realistic goal we should collectively set… Without a doubt, this has been a decade of unparalleled transformation. The global value of music copyright today sits at $45.5B. A decade on from its low point, how many other industries have experienced this kind of revival? Our goal is to help artists get their work in front of existing and future fans, continue to innovate on their behalf, and deliver it in a way that inspires people to pay for it. Onboarding people to paid streaming is precisely what has increased our payouts-tenfold-over the past decade. Reaching 1 billion paid subscribers across all streaming services will be a collaborative effort, requiring innovation, strategic partnerships, and a continued focus on delivering exceptional value to music fans worldwide. It’s a goal we’re confident we can achieve together.”