Spotify (SPOT) said Tuesday it contributed $10 billion to the music industry in 2024, bringing its total payouts since inception to almost $60 billion.
The company attributed its growth to features like AI DJ, Wrapped, and curated playlists, which improve user retention and convert free-tier users into paying subscribers.
Spotify said its efforts in regions such as India, Brazil, and Nigeria have resulted in significant growth.
The platform noted that over 10,000 artists now earn more than $100,000 annually on Spotify, compared to 2014, when only 10,000 artists earned $10,000 or more.
Spotify added that it generates more than half of independent labels' streaming revenue.
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