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Spotify Generated $4.5 Billion for Independent Artists and Labels in 2023
Spotify announced that half of the $9 billion it generated for the music industry in 2023 went to independent labels and artists — $4.5 billion.
Streaming has leveled the playing field in many ways since it became the main platform for music around a decade ago, and the fact that independent artists — which Spotify defines as artists signed to a non-major labels or self-releasing — now account for half of that total, for the first time, is evidence. With some 236 million paying subscribers, Spotify remains by far the world’s largest paid music-streaming service, with the U.S. its biggest territory. It is important to note that how much of that money reaches artists is determined by the rights-holders — which are usually labels and music publishers — not Spotify.
Or read this on Variety