![]() ![]() ![]() Spotify's financial success largely depends on a select group of artists. In just a few short years, Spotify has increased the share of global recorded music revenue it is responsible for from less than 15% in 2017 to more than 20% in 2022 (using data provided by the IFPI). ![]() MORE FROM FORBES 'Everything Everywhere All At Once' Music Supervisors Share How The Music In The Unlikely Hit Came Together By Hugh McIntyre In 2022, that sum was 1,060 acts, which shows a significant increase since 2017 (the year noted by the platform), when only 460 artists were able to achieve this feat. To generate its massive revenue, Spotify makes money from both subscription fees paid by premium listeners and fees from advertisers who shoehorn their commercials to those using the free tier.Īccording to recent figures released by the music streaming platform, there has been a substantial jump in the number of artists earning over $1 million per year from the service. These organizations, which include independent distributors, publishers, performance rights organizations, record labels, and collecting societies, then pay the artists and songwriters based on their agreed terms. Spotify has been paying back nearly 70% of every dollar generated from music as royalties to rights holders who represent artists and songwriters. MORE FROM FORBES Spotify's Stream On Updates Event: Here's What's Coming To The Streaming Music Platform In 2023 By Hugh McIntyre ![]()
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