Spotify says it has paid out US$1bn in royalties to date

3 Dec 2013

Streaming music platform Spotify says it has paid out more than US$1bn in royalties to date – out of which US$500m was paid out in 2013 alone.

In a letter on its artists page, Spotify said that a year ago total royalties were US$500m.

Spotify said it pays out 70pc of all the money it earns in royalties.

The company revealed the figures upon the launch of a new artists site aimed at artists and mangers in response to requests from artists who were interested in a better understanding of how the Spotify business model worked.

It also announced three new products, including an Artist Analytics dashboard, concert ticketing and merchandise listings right inside of Spotify.

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Music fan image via Shutterstock

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years