10 years' growth of 10 times! Spotify (SPOT.US) paid royalties of $10 billion in 2024.

Spotify (SPOT.US) said on Wednesday that it will pay $10 billion in royalties in 2024, the largest amount paid to the music industry in a single year. The Swedish streaming giant stated that nearly 1,500 artists received over $1 million in royalties from Spotify last year. Spotify stated that its annual payment to the music industry has increased tenfold from $1 billion in 2014. Spotify is facing a lawsuit in the United States, which accuses the company of not paying royalties for tens of millions of songs last year. A federal judge in New York ruled this year to dismiss the lawsuit.