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RE: LeoThread 2025-03-13 06:13

in LeoFinance7 months ago

"Spotify has helped level the playing field for artists at every stage of their careers," the company said in the report. "Success in the streaming era doesn't require a decade-spanning catalog nor a chart-topping hit."

The news comes about a month after the company reported a fourth-quarter earnings beat that saw the Swedish music streamer record its first full year of profitability.

Spotify said the upper echelon of royalties, artists who generate more than $10 million, has soared 600% since 2017, reaching a total of 70 for 2024.

The company said it paid an all-time high of $10 billion in royalties to the music industry for 2024, a figure it claimed is "more than any single retailer has ever paid in a year, and over 10x the contribution of the largest record store at the height of the CD era."