Spotify says it paid nearly 1,500 artists $1 million or more in royalties for 2024 streams

In this photo illustration, the Spotify music app is seen on a phone on June 04, 2024 in New York City. Spotify is minting music millionaires. Nearly 1,500 artists generated over $1 million in royalties from Spotify in 2024, the company said Wednesday in its annual Loud and Clear Report. Spotify said more than 80% of the artists in that pool didn't have a song reach the app's Global Daily Top 50 chart. "Spotify has helped level the playing field for artists at every stage of their careers," read a portion of the report. "Success in the streaming era doesn't require a decade-spanning catalog nor a chart-topping hit." The news comes about a month after the company reported a fourth-quarter earnings beat that saw the Swedish music streamer record its first full year of profitability. The company said it paid an all-time high of $10 billion in royalties to the music industry for the year. ... Read full article.