Spotify paid out $5 billion in royalties in 2020

Spotify CEO and cofounder Daniel Ek said the company paid out $5 billion in royalties in 2020, Spotify reports. Chief content officer Dawn Ostroff announced that over the last four years, the number of recording artists whose catalogs generated more than $1 million a year across recording and publishing is up over 82% to more than 800 artists (the majority of money is still going to the labels), and the number generating more than $100,000 a year is up 79% to more than 7,500 artists. Spotify this week also announced that it will be introducing a hi-fi option later this year.