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.
Music fan image via Shutterstock
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