Revenue / 03.19.24

Spotify Claims Record Earnings in 2023 for Indie Artists, Songwriters and Non-English-Language Songs

Access Staff

Variety (03/19/24) Aswad, Jem

Spotify paid out a record $9 billion to the music industry last year. Interestingly, DIY artists, non-major label artists, and those signed to independent labels generated almost $4.5 billion combined on Spotify — the first year the category accounted for nearly 50% of the total. A company media release stated that the total "amount has nearly tripled over the past six years. The company further stated that it pays out almost 70% of every dollar it generates from music back to the industry. It generates its music revenue from a couple of sources: fees from advertisings on music on its Free tier and subscription fees from its Premium platform paying subscribers. Those rights holders include record labels, independent distributors, and performance rights organizations.

Read the full story from Variety.

Tags: Revenue , Spotify