Spotify paid the music industry $10bn (£7.7bn) in 2024, which the streaming service said was the highest annual payment from any single retailer in history. But the figures come as a heated debate continues about how much money artists and songwriters receive in royalties.

Spotify just revealed its Annual Music Report and the streaming giant just had its best year ever, paying out $10 billion to rights holders with more musicians regularly earning their living through Spotify streams and more music millionaires being created than ever before.

Spotify said on Wednesday it paid $10 billion in royalties in 2024, the largest payout to the music industry in a single year. Julian Satterthwaite reports. The scientists trying to save the fewer than 100 wild ocelots in the US

Spotify on Wednesday released further details about its record $10 billion US in royalties in 2024 in its Loud & Clear report. The report comes amid the ongoing debate about how much money artists and songwriters actually receive in royalties and whether it is actually fair.

Music streaming giant Spotify has revealed that it paid out more than €9.2 billion to artists in 2023. However, the number of artists receiving substantial sums was relatively small, with around 70 artists earning €9 million or more.

Nearly 1,500 artists generated over $1M in royalties from Spotify (NYSE: SPOT) alone in 2024. The streaming company added that it paid out nearly $4.5B to publishing rights holders – who represent songwriters – over the last two years.

Spotify said on Wednesday it paid $10 billion in royalties in 2024, the largest payout to the music industry in a single year. Nearly 1,500 artists earned over $1 million in royalties from Spotify last year,