Spotify pays over $5 billion in royalties to rights holders

Music streaming service Spotify has paid over $23 billion in royalties to rights holders, including over $5 billion in 2020, reports The Verge.
Spotify music streamingRights holders are distributors or record labels who then pay artists from the royalties they earn.

Nearly 870 artists’ catalogs on Spotify generated $1 million or more in royalties.

The company said that there are 1.2 million artists with over 1,000 listeners on the music streaming platform.

Nearly 15 percent, or 184,500, of their catalogs generated recording and publishing royalties of at least $1,000.

Spotify currently has more than 340 million active users and 150 million subscribers using its ad-free premium product across 93 countries.

Spotify announced last month that it will arrive in over 80 new countries, along with rolling out 36 new languages on its platform. It is available in 12 Indian languages, making it available in a total of 62 languages on the mobile experience.