November 29, 2022

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Spotify has paid nearly €5 million to 130 artists |  Music

Spotify has paid nearly €5 million to 130 artists | Music

MusicSpotify announced that the company paid 6.4 billion euros to artists on the streaming platform last year. This generates a quarter of the turnover in the music industry. The news was announced on the company’s “Loud And Clear” website, which was launched last year with the aim of providing “more transparency” around payments.

According to the streaming giant, 52,600 artists earned nearly 10,000 euros from Spotify in 2021. Of those, 130 received nearly 5 million euros deposited into their accounts. Spotify hasn’t named the artists involved, but the top-streaming artists last year were Bad Bunny, Taylor Swift, BTS, Drake and Justin Bieber. The most streamed song was Olivia Rodrigo’s “Driving License”.

But these numbers from Spotify don’t tell the whole story. An artist who receives €10,000 from Spotify will receive around €2,000 remaining after the record label and publishers have collected their share. For a seven-piece band like BTS, 2,000 euros are split into seven.

Artists who earn a lot from Spotify are the exception. The company announced that nearly 8 million people have uploaded songs to the platform and that 60,000 new songs are being added every day. As a result, 99.3% of artists on Spotify earn less than $10,000 annually. More than 4 million artists in their database have uploaded less than 10 songs, Charlie Hellman, executive producer of Spotify, said, “so they are either early in their career or doing it as a hobby.”

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