At the end of the last trading day, Spotify (SPOT) was priced at $537.91, which represents a 0.39% increase compared to the previous day.
Spotify Technology SA (NYSE:SPOT) saw its shares rise by over 5% after announcing it paid a record $10 billion in royalties to artists in 2024. According to the Swedish company's annual Loud & Clear report, independent artists and labels received around half of this total, amounting to $5 billion.
According to Spotify's annual Loud and Clear Report, almost 1,500 artists earned more than $1 million in royalties in 2024. The company noted that over 80% of these artists did not have a song that made it to the Global Daily Top 50 Chart on the app.
The major music streaming service has faced criticism from artists for low payments, but it claimed to have paid out record royalties last year.
NEW YORK--(BUSINESS WIRE)--Spotify has released its Loud & Clear report for this year, providing insight into how the streaming economy benefits artists and drives growth in the music industry. This annual report aims to explain how artists make money from streaming, clarify how royalties are shared, and showcase the changing global music scene. The new report highlights record revenues, a rise in artist diversity, and more.
Spotify has recognized a problem where some paid Premium users are seeing ads while listening to music. In a post on X from Thursday, the company's customer service team mentioned they are investigating the issue and provided a link to their Community website, where users have reported the problem for the last month.
Spotify (SPOT) finished the last trading day at $599.86, which is a decrease of 1.34% compared to the day before.
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According to a report from Bloomberg News on Friday, Spotify is thinking about adding a new music streaming service that would cost an extra $5.99 a month on top of current subscriptions. This new service would offer better audio quality, tools for remixing music, and access to concert tickets.
The process of making money is just beginning for Spotify. The company could see several years of strong earnings growth and rising free cash flow. The main factor behind this growth is the increase in premium subscribers who pay more, which improves EBITDA and free cash flow, ultimately benefiting shareholders.