Spotify transfered €34 billion to labels and artists so far

Spotify revealed on their Stream On event that through December 31, 2022, it had paid more than €34 billion in royalties to record labels, music publishers, and other rights holders since launch, MBW reports. In 2021 the streaming giant paid €7+ billion, which was up from €5+ billion in 2020, which means it will likely reach the €40 billion benchmark this year. Spotify says that “nearly 70%” of every dollar it generates from music “is paid back as royalties to rightsholders, who then pay the artists and songwriters, based on the agreed terms”. Spotify also revealed that in 2022, as many as 10,100 artists from over 100 countries worldwide generated at least $100,000, and 1,060 artists generated more than $1 million.