Aasai

Spotify has announced a groundbreaking $10 billion payout to the music industry in 2024, setting a new record. The global audio streaming giant shared the news in a blog post on Tuesday, with David Kaefar, Spotifys VP and Head of Music Business, emphasizing the companys significant financial impact. Since its launch, Spotify has distributed nearly $60 billion to the music industry. Kaefar also highlighted the companys growth, noting that in 2014, Spotify paid out around $1 billion with just 15 million paying subscribers, while global recorded music revenues were at a low of $13 billion. Fast forward to 2024, and the company has paid $10 billion in a single year.

With more than 500 million subscribers to music streaming services globally, David Kaefar highlighted Spotifys next major target: reaching 1 billion paying listeners. He also underscored the platforms increasing influence on artists earnings. “A decade ago, approximately 10,000 artists were earning at least $10,000 (around Ksh.1.3 million) annually from Spotify. Today, that number has grown significantly, with over 10,000 artists now making more than $100,000 (around Ksh.13 million) each year from Spotify alone,” Kaefar said.