In 2023, Spotify made a significant contribution to the music industry by paying out $9 billion. This announcement follows closely after Spotify revealed it had surpassed 602 million monthly active users earlier in the week. The substantial payout, the highest in Spotify’s history, was disclosed just two days after a strong investor report boosted the company’s stock by 8%.
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The $9 billion payment constitutes approximately 63% of Spotify’s total revenue of $14.3 billion for the year. While this percentage has decreased from around 70% in previous years, it reflects Spotify’s expanding content library, which now includes podcasts and audiobooks. Notably, Spotify’s annual payments to the music industry have tripled over the last six years, totaling over $48 billion since its inception.
Spotify has announced that more detailed data will be shared in its upcoming annual Loud & Clear report.
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This announcement underscores Spotify’s significance to musicians and the music industry, especially amid ongoing disputes such as UMG’s battle with TikTok over payments. Compared to other streaming competitors boasting smaller figures, Spotify’s $9 billion payout reaffirms its leading position in the industry.
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