Spotify announced it paid $10 billion in royalties in 2024, marking the largest annual payout to the music industry.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Spotify announced it paid $10 billion in royalties in 2024,
00:06marking the largest annual payout to the music industry.
00:08The company's stock rose over 4% in pre-market trading on Wednesday.
00:12Spotify reported nearly 1,500 artists earned over $1 million in royalties last year.
00:17Platform's yearly payouts have surged tenfold from $1 billion in 2014.
00:22U.S. lawsuit alleging Spotify underpaid songwriter royalties
00:25for millions of songs was dismissed by a federal judge in New York this year.
00:29For all things money, visit Benzinga.com slash GSTV.