Spotify pays record $10 billion in royalties in 2024

Spotify announced on Wednesday that it paid $10 billion in royalties to the music industry in 2024, marking the largest annual payout in the company's history.

The Swedish streaming platform stated that nearly 1,500 artists earned over $1 million in royalties through its service last year.

The company reported that its yearly royalty payments have increased tenfold from $1 billion in 2014. The disclosure comes as Spotify continues to navigate legal challenges related to royalty payments.

Last year, the company faced a lawsuit in the United States alleging it had underpaid songwriting royalties for tens of millions of songs. A federal judge in New York dismissed the case earlier this year.