Spotify's $10 Billion Payout: What It Means for Artists in 2024

Spotify gave the music industry a record $10 billion in 2024. Since its beginning, it has now totaled around $60 billion.

Over 500 million people currently pay to listen to the company's music streaming services.

The firm claims that in order to make its subscription services the most well-liked and lucrative, it prioritized retention through curation, personalization, and the delivery of cutting-edge products like Daylist, AI DJ, and the wildly popular annual Spotify Wrapped.

Customers who might eventually become paying users have been drawn in by the availability of ad-supported streaming.

60% of Premium subscribers were once free tier consumers, per the company's study.

The increase is equally important for Nigeria because Spotify gave musicians a way to directly reach a global audience with their tunes, opening up an endless source of income.

The firm gave Nigerian musicians 23 billion naira in 2023.

The growth of music is at its highest point ever. Music copyright was valued at an astounding $45.5 billion worldwide in 2024, surpassing the film sector for the first time.

David Kaefer, Vice President for Music Business at Spotify, stated that the firm plans to continue developing in order to provide the best experience for creators and fans.

The future of the Nigerian music industry is promising because the nation has one of the youngest populations in the world, which will boost local streaming numbers and draw in income retention for the ecosystem.