Spotify Pays Royalties Worth IDR 164.4 Trillion In 2024, The Biggest In Music Industry History

Spotify, one of the world's largest music streaming platforms (photo: dock. inter)

JAKARTA - Spotify announced that it has paid 10 billion US dollars (Rp164.4 trillion) royalties to the worldwide music industry throughout 2024. This is the largest number of payments in a year ever given by music streaming companies to the global music industry.

According to a report released on Wednesday, March 12, Spotify noted that nearly 1,500 artists earned more than $1 million in royalties from the platform last year. This figure shows a significant increase compared to previous years, in line with the growth of the music streaming industry.

"We continue to be committed to providing more value to musicians and the music industry as a whole. The number of royalties we have paid has increased tenfold since 2014," Spotify's representative said in a statement.

In 2014, Spotify only paid royalties of US$1 billion, but this figure has jumped dramatically in the past decade. This increase reflects Spotify's growing contribution to the digital music ecosystem and the importance of streaming services in supporting the sustainability of musicians' careers.

Despite recording record royalty payments, Spotify also faces legal challenges. Last year, the Swedish-based company was sued in a United States court on charges of paying lower royalties than it should have been for tens of millions of songs. However, the lawsuit was ultimately rejected by a federal judge in New York this year.

Spotify, which is one of the largest music streaming platforms in the world, continues to strive to improve its business model to provide greater benefits for artists, songwriters, and other copyright holders. With increased number of subscribers and expansions to various countries, the company is expected to continue to increase its contribution to the global music industry.