Swedish streaming service Spotify has paid $10 billion to the music industry in 2024, totalling $60 billion of payments since the launch, the company announced in its blog.

There are more than 500 million streaming music subscribers worldwide, according to the International Federation of the Phonographic Industry (a music organization that represents artists). Spotify has more than 252 million subscribers, according to its official Q3 2024 report.

According to the company, one of their advantages is the ability to use the service for free, albeit with some restrictions and advertising. Spotify says these are potential subscribers, as 60% of paid subscribers also started at a free level.

The publication also cites various reports and compares that "in 2014, around 10,000 artists generated at least $10,000 per year on Spotify. Today, well over 10,000 artists generate over $100,000 per year from Spotify alone."

Earlier this month, a report from music finance platform Duetti stated that listener payments for independent artists were stabilizing after several years of decline. However, Spotify paid the least - $3.0 per 1,000 plays.

Other platforms such as Amazon Music, Apple Music and YouTube paid $8.8, $6.2 and $4.8 per 1,000 plays in 2024, TechCrunch writes. The report also says that while Spotify has increased the prices of its plans over the years, the average payout has decreased.

Spotify denied Duetti's claims and disputed the report's findings, calling them "ridiculous and unfounded."