Spotify says it paid $10 billion in royalties in 2024
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FILE PHOTO: A screen displays the logo of Spotify on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 4, 2023. REUTERS/Brendan McDermid/File Photo
(Reuters) - Spotify said on Wednesday it paid $10 billion in royalties in 2024, the largest payout to the music industry in a single year.
Nearly 1,500 artists earned over $1 million in royalties from Spotify last year, the Swedish streaming giant said.
Spotify said its yearly payout to the music industry had risen 10 times from $1 billion in 2014.
Spotify was hit with a lawsuit in U.S. that accused the company of underpaying songwriting royalties for tens of millions of songs last year. A federal judge in New York ruled to dismiss that suit this year.
(Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Mrigank Dhaniwala)
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