Top 10 Takeaways

We’ve updated the site with 2021 royalty data. Here are our top findings. 

In 2021, Spotify paid out more than any other service - and set the record for the highest annual payment from any single retailer in history

In 2021, Spotify paid out more than any other service - and set the record for the highest annual payment from any single retailer in history

We paid music rights holders more money than ever in 2021: $7+ billion, up from $5+ billion in 2020. That’s more than double what we paid out in 2017 ($3.3 billion) and represents a big part of the $30 billion we’ve paid to rights holders since our founding. Even adjusting for inflation, that $7 billion total is the largest sum paid by one retailer to the music industry in one year in history — including any single retailer at the height of the CD or digital download era.

01 / 10

In 2021, streaming revenue alone exceeded total industry revenue in each year from 2009 to 2016

2014 2021 Global recorded revenue 2014 2021 Weltweiter Umsatz aus Musikaufnahmen 2014 2021 Ingresos mundiales registrados 2014 2021 Revenus mondiaux de la musique enregistrée 2014 2021 Receita global com músicas gravadas

In 2021, streaming revenue alone exceeded total industry revenue in each year from 2009 to 2016

2014 2021 Global recorded revenue 2014 2021 Weltweiter Umsatz aus Musikaufnahmen 2014 2021 Ingresos mundiales registrados 2014 2021 Revenus mondiaux de la musique enregistrée 2014 2021 Receita global com músicas gravadas

In 2021, recorded streaming revenue alone (across all services) was higher than the entire industry’s revenue from all forms of recorded music for each year 2009 through 2016. When the music business hit its low point in 2014, it generated $14.2 billion from all parts of the recorded industry (streaming, physical sales, sync, downloads, performance rights). In 2021, recorded streaming revenue alone exceeded $16.9 billion — with Spotify leading the way.

02 / 10

For the first time, over 1,000 artists generated over $1 million on Spotify

For the first time, over 1,000 artists generated over $1 million on Spotify

We celebrated a new landmark this year with over 1,000 artists generating $1 million on Spotify alone. But when artists hit new heights, it’s time to launch additional milestones. New to the site in 2021, since so many artists have far surpassed the $1 million level, we’ve added $2 million and $5 million data to our site. In 2021, 450 artists generated more than $2 million on Spotify — an increase of 110% in five years — and 130 artists generated over $5 million — an increase of 160% in the same period.

03 / 10

Over 50,000 artists generated $10,000 from Spotify alone — and likely over $40,000 across all recorded revenue sources

Number ofartists 0 52,600 42,500 34,800 29,300 23,400 2021 2017 2018 2019 2020 Anzahl der Künstler*innen 0 52.600 42.500 34.800 29.300 23.400 2021 2017 2018 2019 2020 Número de artistas 0 52.600 42.500 34.800 29.300 23.400 2021 2017 2018 2019 2020 Nombre d’artistes 0 52 600 42 500 34 800 29 300 23 400 2021 2017 2018 2019 2020 Número de artistas 0 52.600 42.500 34.800 29.300 23.400 2021 2017 2018 2019 2020

Over 50,000 artists generated $10,000 from Spotify alone — and likely over $40,000 across all recorded revenue sources

Number ofartists 0 52,600 42,500 34,800 29,300 23,400 2021 2017 2018 2019 2020 Anzahl der Künstler*innen 0 52.600 42.500 34.800 29.300 23.400 2021 2017 2018 2019 2020 Número de artistas 0 52.600 42.500 34.800 29.300 23.400 2021 2017 2018 2019 2020 Nombre d’artistes 0 52 600 42 500 34 800 29 300 23 400 2021 2017 2018 2019 2020 Número de artistas 0 52.600 42.500 34.800 29.300 23.400 2021 2017 2018 2019 2020

More artists are hitting milestones across all revenue levels, from $1,000 to $5 million –– and the numbers are accelerating fast. The number of artists who achieved each of these milestones has doubled since 2017. And when taking into account earnings from other services and recorded revenue streams, these artists are likely to be generating 4x these amounts from recorded music overall. For the first time this year, a diverse group of more than 50,000 artists — across different countries, genres, and career stages — generated $10,000 from Spotify and likely over $40,000 across all recorded revenue sources.

04 / 10

Major record labels earned over $4 billion in profit in 2021, driven by streaming

Record Labels Record Labels

Major record labels earned over $4 billion in profit in 2021, driven by streaming

Record Labels Record Labels

Over the past year, almost all of our music partners have reported record profit and growth for their artists. The three major music labels jointly brought in over $25 billion in revenue last year, with $12.5 billion coming from streaming recorded revenue alone. Spotify payments represent around a third of that streaming total. Major label profits in 2021 exceeded $4 billion — meaning more money to reinvest to grow the industry.

05 / 10

For the second year running, Spotify paid out more than a billion dollars to publishing rights holders

For the second year running, Spotify paid out more than a billion dollars to publishing rights holders

Songwriters and producers — through their publishing rights holders — are generating record revenues, driven by streaming services. Publishing rights holders earned $3.5 billion from streaming overall in 2020, a sum that is more than publishing revenue from CDs and downloads any year in the 21st century so far, even during the peak of the CD era.

06 / 10

The industry at the height of the CD era favored the top 50 artists twice as much as today

CD era Today Top 50 All otherartists % of sales CD-Ära Heute Top 50 Alle anderen % der Verkäufe Era del CD Hoy Los 50 más escuchados Todas las categorías % de ventas Ère du CD Aujourd’hui Artistes du top 50 Tous les autres Pourcentage des ventes Era do CD Hoje Top 50 Todos os outros % de vendas

The industry at the height of the CD era favored the top 50 artists twice as much as today

CD era Today Top 50 All otherartists % of sales CD-Ära Heute Top 50 Alle anderen % der Verkäufe Era del CD Hoy Los 50 más escuchados Todas las categorías % de ventas Ère du CD Aujourd’hui Artistes du top 50 Tous les autres Pourcentage des ventes Era do CD Hoje Top 50 Todos os outros % de vendas

More artists are sharing in today’s thriving music economy than ever before. In the peak of the CD era, nearly 25% of U.S. album sales were accounted for by the top 50 artists. On Spotify in 2021, only 12% of U.S. streams were of the top 50 artists — meaning that revenue opportunities now reach far beyond the superstars.

07 / 10

Over 28% of artists who generated over $10,000 self-distribute to Spotify

Over 28% of artists who generated over $10,000 self-distribute to Spotify

Many artists use distributors like DistroKid, TuneCore, CD Baby, or others to self-release their music on Spotify — and for more than ever before, it paid off. 28% of artists who reached $10,000 in earnings on Spotify released music through an artist distributor in 2021. These 15,140 artists represent a 171% increase since 2017.
08 / 10

Artists can go from ‘zero to career’ faster than ever, powered by streaming

Artists can go from ‘zero to career’ faster than ever, powered by streaming

Streaming has lowered the barriers to entry to music and accelerated the path to finding a global fan base — meaning artists can go from first single to first significant paycheck fast. Over 10% of artists (5,300) who generated more than $10,000 on Spotify in 2021 released their first song ever in the last two years. In 2021, 350 of them generated $100,000 from Spotify alone.

09 / 10

34% of artists who generated more than $10,000 on Spotify live in countries outside the top ten music markets

34%

34% of artists who generated more than $10,000 on Spotify live in countries outside the top ten music markets

34%

Streaming revenue is bringing real scale to the music industries of emerging markets, making it increasingly possible to pursue a professional career as an artist in countries around the world. In 2021, Spotify launched in 80+ markets, introducing these artists to new fans in places all over the world. Of the 52,600 artists who generated more than $10,000 on Spotify in 2021, 34% live in countries outside the IFPI’s top ten music markets (Australia, Canada, China, Italy, France, Germany, Japan, South Korea, the U.K., and the U.S.).

10 / 10
Explore

In 2021, Spotify paid out more than any other service - and set the record for the highest annual payment from any single retailer in history

Explore

In 2021, streaming revenue alone exceeded total industry revenue in each year from 2009 to 2016

2014 2021 Global recorded revenue 2014 2021 Weltweiter Umsatz aus Musikaufnahmen 2014 2021 Ingresos mundiales registrados 2014 2021 Revenus mondiaux de la musique enregistrée 2014 2021 Receita global com músicas gravadas
Explore

For the first time, over 1,000 artists generated over $1 million on Spotify

Explore

Over 50,000 artists generated $10,000 from Spotify alone — and likely over $40,000 across all recorded revenue sources

Number ofartists 0 52,600 42,500 34,800 29,300 23,400 2021 2017 2018 2019 2020 Anzahl der Künstler*innen 0 52.600 42.500 34.800 29.300 23.400 2021 2017 2018 2019 2020 Número de artistas 0 52.600 42.500 34.800 29.300 23.400 2021 2017 2018 2019 2020 Nombre d’artistes 0 52 600 42 500 34 800 29 300 23 400 2021 2017 2018 2019 2020 Número de artistas 0 52.600 42.500 34.800 29.300 23.400 2021 2017 2018 2019 2020
Explore

Major record labels earned over $4 billion in profit in 2021, driven by streaming

Record Labels Record Labels
Explore

For the second year running, Spotify paid out more than a billion dollars to publishing rights holders

Explore

The industry at the height of the CD era favored the top 50 artists twice as much as today

CD era Today Top 50 All otherartists % of sales CD-Ära Heute Top 50 Alle anderen % der Verkäufe Era del CD Hoy Los 50 más escuchados Todas las categorías % de ventas Ère du CD Aujourd’hui Artistes du top 50 Tous les autres Pourcentage des ventes Era do CD Hoje Top 50 Todos os outros % de vendas
Explore

Over 28% of artists who generated over $10,000 self-distribute to Spotify

Explore

Artists can go from ‘zero to career’ faster than ever, powered by streaming

Explore

34% of artists who generated more than $10,000 on Spotify live in countries outside the top ten music markets

34%

Spotify and the Streaming Economy

How many artists are on Spotify?

Who is generating money? How much are they making? What’s considered a lot of streams? How do artists get paid? Let’s get into it…

Revenue Generation Over the Years

As of 2021, Spotify has paid over $30 billion in royalties to the music industry — including over $7 billion in 2021 alone (more than double the amount paid in 2017).* 

To put those numbers in context, click a dollar amount below to see how many artists globally generated at least that amount — across recording and publishing for their catalog — for each of the past five years on Spotify.

These figures only represent a part of the picture. Spotify is one of many music streaming services that generate revenue for the music industry, and streaming only makes up a portion of all industry revenues. There are also physical sales, touring, merch, sync, or other sources. In 2021, Spotify accounted for more than 20% of recorded music revenue (up from less than 15% in 2017).** For a rough estimate, you can multiply the Spotify revenue by four to approximate how much artists generated from all recorded revenue sources in 2021.

*$30 billion and $7 billion include both recording and publishing royalties. 
**Spotify’s % of recorded music revenue calculated based on IFPI’s 2022 Global Music Report.

How do the numbers of artists at different revenue levels compare to the total number of artists on Spotify?

We estimate that there are around 200,000 professional or professionally aspiring recording acts globally. 

We see this in Spotify data: 

  • Of the eight million people who have uploaded any music to Spotify, 5.4 million have published fewer than 10 songs all time — indicating that they may be very early in their journey, approaching music as a hobby, or not leveraging streaming as part of their career path.
  • There are 165,000 artists who have released at least ten songs all-time (meaning they have a body of work to earn from) and average at least 10,000 monthly listeners (meaning they have been able to attract the beginning of an audience).

We also see this through our integrations with Songkick, Ticketmaster, and dozens of other live and virtual ticketing partners: 

  • 199,000 artists had any gig, live concert event, or virtual event listed at some point during 2019 (the last full year not impacted by pandemic cancellations), demonstrating professional activity outside streaming.

Based on these estimates, more than a quarter of these professionally aspiring artists generated more than $10,000 in payouts from Spotify alone last year (suggesting more than $40,000 in total recorded revenue, and more when you consider touring, merch, and other business lines). 

To help put those numbers in context, click a dollar amount, to see how many artists have generated at least that much in royalties on Spotify for each of the past five years:

Streaming Numbers in Context

Spotify, like other every major streaming service, pays royalties based on an artist’s share of overall streams across the platform. This is referred to as “streamshare.” So it’s important to know how streaming numbers stack up on Spotify in 2021 to understand payouts. 

What might have been a lot of streams even five years ago looks pretty different today. In fact, over 238,000 songs were streamed over a million times in 2021 alone.

Enter any monthly listener count for an artist or all-time stream count for a song to estimate how each number compares with all artists and songs on Spotify.

*Note that all numbers are rounded to the thousandth place.

0

monthly listeners would be in the top artists on Spotify globally

This artist is within the top 1,000 monthly listeners on Spotify

(based on 2021 data).

0

all time streams would be in the top tracks on Spotify globally

This track is in the top 1,000 streams on Spotify

(based on 2021 data).

How the Money Flows

One of the questions we get asked most often is: How do artists and songwriters get paid? We broke it down in this video we published last year:

Some of The Musical Voices of Spotify

Of all the artists on Spotify, no two are the same. Each is unique, with their own hopes and dreams. There are artists we’ve known and loved for years, those on the cusp of discovery, and those who are just beginning to rock our world.

Our goal is to help professional musicians make a living. It’s something we take seriously. And while not every artist on Spotify will find the same success, we’re working to create opportunities for more creators to reach more fans. From there, listeners ultimately decide who succeeds and thrives. 

In this section, we’re focusing on select groups of professional or professionally aspiring artists by charting their paths to growth in streams and revenue. And based on trends and streaming data, we’ve broken them down to help you better understand who they are, how streaming has changed things for them, and what their futures might look like. These groupings are illustrative only, so some artists might see themselves as fitting squarely into one of these descriptions, some could span a few, and others might simply be in a league of their own.

Meet the Artists on Spotify
Click for more about the different artist types on Spotify.
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DIY
These artists are honing their craft and making music in new and innovative ways.

Whether they’re recording from bedrooms, garages, or local studios, these acts are taking steps to do it themselves. Some have built a career, some are pushing hard to break through, and some are dabbling in music making. Each has the common goal of sharing their art with a world of like-minded music fans.

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Whether they’re recording from bedrooms, garages, or local studios, these acts are taking steps to do it themselves. Some have built a career, some are pushing hard to break through, and some are dabbling in music making. Each has the common goal of sharing their art with a world of like-minded music fans.

DIY on Spotify

Streaming has leveled the playing field for how DIY artists get their music into the world. As the cost of producing and releasing music has become more affordable, DIY artists can now access the same global audience and tools as chart-topping artists. They can release music whenever they want, from wherever they want, and collaborate with whomever they want. Their creative world is bigger than ever, and listeners globally can discover them like never before. Nearly a third (28%) of artists who generated over $10,000 in 2021 self-released on Spotify through an artist distributor — 171% more artists than in 2017.

  • Criteria: More than 10,000 monthly listeners in 2021 and they distribute music to Spotify via an artist distributor
  • Number of DIY Artists: 72,700
  • Average Royalties Generated in 2021*: $15,100
  • Average Monthly Listeners in 2021: 117,812
*

Average Royalties Generated represents 2021 revenue generated for an artist’s entire catalog across recording and publishing on Spotify. Numbers are rounded to the nearest 100.

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SPECIALIST
These artists, composers, and producers have identified niche audiences who have an ear for their unique music.

They bring an entrepreneurial mindset to their craft by creating sounds that enrich the lives of typically underserved listeners. In their musical innovations and inventions, they’ve found new and uncharted avenues of bringing audio to life.

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They bring an entrepreneurial mindset to their craft by creating sounds that enrich the lives of typically underserved listeners. In their musical innovations and inventions, they’ve found new and uncharted avenues of bringing audio to life.

Specialists on Spotify

In the streaming era, sleep sounds and meditation are in high demand, whereas in the purchase era, few people would have bought albums made for these specific reasons. And it’s not just for relaxation: Yoga & fitness, children’s, and holiday music are helping specialist artists generate income like never before. Coupled with the streaming innovations of playlisting, song search, and algorithmic recommendations, it’s now possible to succeed without the traditional needs of album packaging, tour, and promo. New listening experiences are also evolving for these artists, with dedicated app experiences and the thriving ecosystem of bespoke playlists tailored to mood, moment, and motivation.

  • Criteria: More than 25,000 monthly listeners with over 90% of tracks classified in Children’s, Classical, Easy Listening, Holiday, Religious, or Soundtrack
  • Number of Specialist Artists: 4,900
  • Average Royalties Generated in 2021*: $36,100
  • Average Monthly Listeners in 2021: 219,800
*

Average Royalties Generated represents 2021 revenue generated for an artist’s entire catalog across recording and publishing on Spotify. Numbers are rounded to the nearest 100.

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BREAKTHROUGH
These up-and-comers are generating plenty of early buzz and have A&Rs clamoring to work together.

They are rising fast and building a loyal fan base by leveraging the power of discovery. For some, it feels like it happened overnight. For others, it’s been years in the making. They have huge promise and are poised to make the leap from hometown hero to festival headliner.

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They are rising fast and building a loyal fan base by leveraging the power of discovery. For some, it feels like it happened overnight. For others, it’s been years in the making. They have huge promise and are poised to make the leap from hometown hero to festival headliner.

Breakthrough on Spotify

Streaming is helping more new artists break through — capturing the energy of a world that moves at the speed of social media virality — and enabling them to go from first single to first significant paycheck faster than ever. Over 10% of artists who generated at least $10,000 in 2021 — 5,300 artists — released their first song ever in the last two years. Three hundred fifty of them even generated over $100,000 in 2021 from Spotify alone. Alongside their hard work, determination, and artistry, playlisting has helped these artists get discovered and become overnight sensations. More than 150,000 artists were added to Spotify editorial playlists for the first time across 2020 and 2021. And with streaming, listeners can quickly jump from discovering a breakthrough song to diving into that artist’s entire catalog, accelerating fandom like never before.

  • Criteria: Fewer than 1 million streams prior to 2020 — and are now in the top 50,000 of all artists by streams
  • Number of Breakthrough Artists: 21,600
  • Average Royalties Generated in 2021*: $90,000
  • Average Monthly Listeners in 2021: 661,600
*

Average Royalties Generated represents 2021 revenue generated for an artist’s entire catalog across recording and publishing on Spotify. Numbers are rounded to the nearest 1,000.

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CHART TOPPERS
These superstars have one-in-a-million careers and are changing the musical landscape globally.

Their lives are the stuff dreams are made of. Kids, coworkers, neighbors, and even your grandparents know their names. Their music is everywhere, and they top nearly every chart. Their hits just keep on coming and their popularity has no geographic boundaries. In 2021, they each generated millions of dollars from Spotify alone — for dozens, even tens of millions.

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Their lives are the stuff dreams are made of. Kids, coworkers, neighbors, and even your grandparents know their names. Their music is everywhere, and they top nearly every chart. Their hits just keep on coming and their popularity has no geographic boundaries. In 2021, they each generated millions of dollars from Spotify alone — for dozens, even tens of millions.

Chart Toppers on Spotify

Streaming has torn up the rules of topping the charts. Things that were unthinkable a decade ago are now commonplace: going global before waiting to be a hit at home, topping the charts in a country that doesn’t speak your language, having major success without the traditional album cycle. There’s no longer one path to the top, and superstar artists are finding ways to win that are more playful, prolific, and personal than ever before.

  • Criteria: The top 500 of all artists by listener numbers in 2021
  • 500 Chart Topper Artists
  • Average Royalties Generated in 2021*: $4 million
  • Average Monthly Listeners in 2021: 19.6 million
*

Average Royalties Generated represents 2021 revenue generated for an artist’s entire catalog across recording and publishing on Spotify. Numbers are rounded to the nearest 100,000.

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SONGWRITERS & PRODUCERS
These hitmakers work their magic to create the songs we know and love — many are also recording artists who are writing or producing their own tracks.

You may not always know their voices, but their music still moves us. We shared last year that since 2011, the U.S. songwriter population has grown by over half a million to 1.6 million and contributed to the creation of over 20 million American songs; the British songwriter population has grown by 115% since 2009 to 140,000. We anticipate that these numbers have only increased in 2021. 

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You may not always know their voices, but their music still moves us. We shared last year that since 2011, the U.S. songwriter population has grown by over half a million to 1.6 million and contributed to the creation of over 20 million American songs; the British songwriter population has grown by 115% since 2009 to 140,000. We anticipate that these numbers have only increased in 2021. 

Songwriters & Producers on Spotify

Streaming is changing the relationship between songwriters and listeners. Rather than being a behind-the-scenes creative force, songwriters and producers now have increasing ways to be recognized and grow their careers. There is now also an easier route to songwriters being credited as recording artists. 

Whether it’s as a side project or full time, streaming has made it far more feasible for songwriters and producers to also release music — giving them the opportunity to earn royalties for both recording and publishing. And with interactive song credits and “Written By” playlists that showcase the entire catalog of a songwriter or producer, a global audience of music lovers is now falling for the brilliant minds that make such memorable music.

  • Criteria: Songwriters or producers either of their own music, as non-performing writers, or producers of another artist’s releases
    Total global revenues for publishing rights holders from all streaming services:
  • 2020: $3.5B*
  • 2019: $2.9B*
  • 2018: $2.3B*
  • 2017: $1.6B*
*

Data based on the Global Value of Music Copyright Report, Will Page

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ESTABLISHED
These working artists have been able to make a career and find lifelong fans from their music.

Rather than aiming for the Hot 100, these artists are focused on sustainable long-term careers powered by regular playlisting and their creative output. Their fans are many and their fans’ loyalty to these life-changing artists is never-ending.

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Rather than aiming for the Hot 100, these artists are focused on sustainable long-term careers powered by regular playlisting and their creative output. Their fans are many and their fans’ loyalty to these life-changing artists is never-ending.

Established on Spotify

Streaming has given artists a way to be more in tune with their fans and earning potential. With their established fan bases and strong catalogs, these professional artists can now rely on more predictable, ongoing incomes year on year. Streaming data also helps these artists understand more about their audiences, which can inform lucrative decisions about touring and merch. And thanks to playlisting and followers, artists can find new audiences and keep superfans streaming for longer.

  • Criteria: In the top 50,000 artists by listener numbers for three years running (excluding the top 500 artists)
  • Number of Established Artists: 26,900
  • Average Royalties Generated in 2021*: $218,000
  • Average Monthly Listeners in 2021: 1.2 million
*

Average Royalties Generated represents 2021 revenue generated for an artist’s entire catalog across recording and publishing on Spotify. Numbers are rounded to the nearest 1,000.

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HERITAGE
These beloved artists have built an enduring musical heritage that is living on in the streaming age.

They often have released multiple albums and may have been around for a couple of decades. They’ve received recognition for their numerous musical contributions over the years and have inspired countless others. Whether they’re still on the road or their music has become their lasting legacy, these artists continue to inspire and engage fans around the world.

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They often have released multiple albums and may have been around for a couple of decades. They’ve received recognition for their numerous musical contributions over the years and have inspired countless others. Whether they’re still on the road or their music has become their lasting legacy, these artists continue to inspire and engage fans around the world.

Heritage on Spotify

Streaming has brought together two generations of listeners for heritage artists: those who were there at the time, and those who are discovering them for the first time. For both groups, streaming makes it easy to navigate extensive catalogs and get right to the songs that move them. There are also novel ways for artists to reinvent and repackage their catalogs to invite fans to celebrate important moments (anniversaries, milestones, new playlists). And there’s the ability to capitalize on unexpected spikes in popularity from sync, social media, and shifts in culture. In the streaming era, heritage artists can generate perpetual and passive royalties well beyond a release cycle — rather than relying almost exclusively on first-month physical or download sales spikes like in the past.

  • Criteria: More than 500,000 monthly listeners in 2021 and 80% of streams from tracks more than 5 years old
  • Number of Heritage Artists: 2,700
  • Average Royalties Generated in 2021*: $473,000
  • Average Monthly Listeners in 2021: 2.8 million
*

Average Royalties Generated represents 2021 revenue generated for an artist’s entire catalog across recording and publishing on Spotify. Numbers are rounded to the nearest 1,000.

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MARKET MOVERS
These rising stars herald from markets around the world that are experiencing explosive growth in music streaming revenues.

They are crossing over, breaking barriers, and making local fans proud while also sharing their distinctive voices with listeners in new places.

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They are crossing over, breaking barriers, and making local fans proud while also sharing their distinctive voices with listeners in new places.

Market Mover on Spotify

Streaming has been a catalyst for immense growth in emerging music markets. In 2021, 34% of artists who generated more than $10,000 on Spotify came from countries outside the top ten music markets. And there’s been great growth in music markets around the world: The IPFI reported that recorded music revenues grew in every region around the world in 2021. And they reported that revenue grew by more than 25% year on year in Argentina, Bolivia, Brazil, Chile, Colombia, Greece, Italy, Mexico, Middle East & North Africa, Philippines, Poland, Russia, Thailand, Turkey, Sub-Saharan Africa (excluding South Africa), Venezuela, and Vietnam.

The switch to streaming by music fans in these markets has brought in huge revenues that would otherwise have been lost to music piracy. As a result, artists in these markets can turn their creativity into full-time careers and help shine a light on more music from their homes. They also have an unprecedented opportunity to take their sound to the world and break through in new markets thanks to the power of playlisting. In 2021, Spotify launched in 80+ new markets, which means more opportunities for artists around the world to reach potential new fans.

  • Criteria: More than 25,000 monthly listeners globally in 2021 and from one of the 17 markets (listed above) where recorded music grew more than 25% year on year in 2021 according to IFPI
  • Number of Market Mover Artists: 27,400
  • Average Royalties Generated in 2021*: $24,800
  • Average Monthly Listeners in 2021: 278,000
*

Average Royalties Generated represents 2021 revenue generated for an artist’s entire catalog across recording and publishing on Spotify. Royalties are in USD, converted from local currencies. Numbers are rounded to the nearest 100.

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Industry Context

Dive deeper with these other useful resources about streaming from think tanks, academic scholars, economists, and industry groups, as well as our Spotify for Artists.

A Look at the Publishing Industry

The publishing industry — which represents songwriters and producers — is incredibly complex. Still, music publishing revenue generated from recorded music has never been worth so much. For the second year running, Spotify paid out more than a billion dollars to publishing rights holders. Music economist and the author of Tarzan Economics, Will Page, looked at publishing revenues from 2001 to today to see how streaming has impacted the industry.

Publishers, songwriters and their CMOs are seeing more revenue from streaming alone than they’ve ever seen from CDs and downloads

Publishing rights holders earned $3.5 billion from streaming overall in 2020, a sum that is more than publishing revenue from CDs and downloads in any year in the 21st century so far, even at the peak of the CD era.

Global Consumer Revenues to Publishers, Songwriters and their CMOs ($bn)

Revenues from Sales (CDs and Downloads)

Revenues from Streaming (Paid and Free)

‘01 ‘02 ‘09 ‘19 ‘10 ‘20 ‘12 ‘03 ‘13 ‘04 ‘14 ‘05 ‘15 ‘06 ‘16 ‘07 ‘17 ‘08 ‘18 ‘11 $4 $3 $2 BILLIONS ($BN) $1 $0

Source: IFPI GMR 2021, USD $bn (Constant Currency)

Tips for Beginning Songwriters and Producers

Our Noteable team talked to leading organizations across the world that help songwriters and producers claim their share of publishing royalties from streaming. Click below to visit Noteable, our home for songwriters and producers, to read top tips compiled from leading collection societies and performance rights organizations:

Your Questions, Answered

We know you have a ton of questions around music streaming economics and we want to make sure to get you the answers. We’ve included the questions we get most frequently from artists and will continue to add to this list as more questions come in.

  • Why did Spotify create Loud & Clear? How does this help artists?

    Questions and concerns about artist income from streaming have been around for over a decade. Our aim with this site is to provide a valuable foundation for a constructive conversation. In sharing more information, we aim to answer questions and share useful resources about today’s streaming industry. We hope others will join in the conversation as well.

  • What’s new on Loud & Clear this year?

    On March 24, 2022, a year after first launching this site, we added royalty data from 2021, as well as some new features:

    • There’s a lot of information to get through on this site, so we added a Top 10 Takeaways of 2021 section at the top;
    • We added more detail to the Revenue Generation Over the Years section — specifically, the number of artists crossing the $2 million and $5 million level in revenue generation; and
    • We included a new section around publishing to the Industry Context section of the site.
  • Wasn't the music industry better off before streaming?

    Spotify plays a leading role in a healthier music industry, as a sort of radio station and record store all rolled into one — but without their limitations. 

    With radio, artists can reach lots of listeners. However, there’s limited space in a radio station’s rotation of songs — they typically stick to the top 40, making it harder for artists to break through. And in some markets, not all talent is compensated for their music being played. 

    Artists benefit from a high purchase price in record stores, but physical and digital sales don’t generate money from all of an artist’s fans — only those willing to spend money to download tracks or purchase a full album.

    Spotify solves these challenges with streaming. Streaming is where fans come to put their favorite artists on repeat, but it’s also where casual fans discover new music or rediscover old favorites. And revenue is generated from both types of listening — from fans who pay for Spotify Premium to advertisers that fund Spotify’s Free tier. 

    Based on our analysis of RIAA data, the music industry in the CD era favored superstars twice as much as it does today. At the peak of the CD era, 25% of US sales were accounted for by the top 50 artists. In 2021, only 12% of US streams on Spotify were of the top 50 artists — meaning that revenue opportunities now reach far beyond the biggest stars.

    When Spotify launched in 2008, the global recording industry was being ravaged by piracy — spiraling downward from 1999’s peak of over $24 billion in revenue to the industry’s low point in 2014, when the combined market of physical and digital sales was $14 billion. 

    Since then, streaming has powered the resurgence of the music industry. In 2021, Spotify paid out $7 billion to the music industry — more than any other service. That’s more than double what we paid out in 2017 ($3.3 billion) and represents a big part of the $30 billion we’ve paid to rights holders since our founding. Even adjusting for inflation, that $7 billion total is the largest sum in history paid to the music industry in one year by one retailer — including any single retailer at the height of the CD or digital-download era. 

    When you consider the growth of the overall royalty pool paid out to rights holders and the expanding number of artists succeeding thanks to streaming, we believe the future is incredibly bright for artists’ careers. The IFPI’s 2022 report showed that the global recorded music industry in 2021 has officially surpassed the 1999 peak — reaching $25.9 billion as an industry.

  • Is streaming only helping music’s biggest stars?

    No. Streaming has fundamentally changed the music ecosystem — lowering barriers to entry and democratizing access to audio for listeners across the world. Artists no longer need big budgets to create, distribute, and amplify their music around the world. 

    Across 2020 and 2021, over 150,000 artists were added to Spotify playlists for the first time, the large majority of which were discovered through Spotify for Artists’ playlist pitching tool, which is freely available to all artists. 

    More artists are sharing in today’s thriving music economy compared to the peak of the CD era. In the heyday of CDs, nearly 25% of US sales were accounted for by the top 50 artists. On Spotify in 2021, only 12% of US streams were from the top 50 artists –– meaning that today, revenue opportunities reach far beyond the superstars. Further, in 2021, more than 28% of artists who generated over $10K from Spotify are self-distributed, and 34% live in countries outside the top ten music markets.

  • There are millions of artist profiles on Spotify, yet only a small fraction are generating money. Shouldn’t a higher percentage of all artists on Spotify be making money? Aren't there 8 million of them?

    Our mission is focused on creating opportunities for professional artists to make a living through their work. Every artist is different, and success is not the same across the board.

    It’s true that eight million people have ever uploaded a song to Spotify — but just like uploading a video or two to YouTube doesn’t mean that person is trying to be a professional YouTuber, releasing a few songs on Spotify doesn’t indicate a career in music. For example, of the eight million people who have distributed any songs to Spotify, 5.4 million of them have released fewer than ten tracks all-time. Many of these artists are likely early in their careers, hobbyists, or may not be leveraging streaming as part of their career paths.

    We estimate that there are around 200,000 professional or professionally aspiring recording acts globally. We see this in Spotify data: 165,000 artists have released at least ten songs all-time (meaning they have a body of work to earn from) and average at least 10,000 monthly listeners (meaning they have been able to attract an audience). We also see this through our integrations with Songkick, Ticketmaster, and dozens of other live and virtual ticketing partners: 199,000 artists had any gig, event, or virtual event listed at some point during 2019 (the last year not impacted by pandemic cancellations), demonstrating commercial activity outside of streaming.

    That data suggests a population of between 165,000 and 199,000 artists, but to account for a margin of error in our methodology, we consider 200,000 to be a reasonable estimate — though of course, we acknowledge the difficulty in assuming any artist’s professional intent just from data.

    Based on this estimate, you could calculate that more than a quarter of professional or professionally aspiring artists generated $10,000 in 2021 from Spotify alone (and likely over $40,000 across all recorded revenue sources).

  • I heard Spotify pays a fraction of a penny per stream. Is that true?

    In the streaming era, fans do not pay per song, so we don’t believe a “per stream” rate is a meaningful number to analyze. Spotify, like every major streaming service, pays royalties based on an artist’s share of overall streams across the platform. We call this “streamshare.”  

    Spotify is focused on maximizing the total size of the payments we are able to make to rights holders — those that pay artists and songwriters — and the data on this site reflects our progress. We pay out more than any other streaming service; in fact, in 2021, Spotify paid out $7 billion to the music industry and set the record for the highest annual payment from any single retailer in history.

    And our incentives are aligned with artists — the more revenue we generate, the more payouts for artists. 

    Still, we understand that artists find it useful to calculate an effective “per stream” rate — dividing the total size of the royalty pool on Spotify by the total number of music streams on Spotify. We dig into that in the “Why does the ‘per stream rate’ appear lower for Spotify than some other streaming services?” question on this page.

    Our model drives more fan engagement and generates revenue from more places, which means larger total checks from Spotify to rights holders. That’s why we pay more than any other service. We make some choices that decrease the effective “per-stream rate,” but we believe we are maximizing overall revenue and generating the most possible money for rights holders and their artists and songwriters.

  • If an artist has millions of streams, why don’t they earn more?

    Spotify has been around for more than a decade. We now have over 406 million listeners, streaming more songs per month than ever before, which means the activity on the platform increases exponentially. 

    And streaming services pay based on streamshare, not a per-stream rate.

    Spotify pays rights holders on a monthly basis, but our app shows all-time streams, not how many times a song was streamed this year or this month. Therefore, these all-time stream counts do not correlate with the monthly payout an artist receives from their rights holders. 

    Because of streaming’s growth and the increase in engagement per user, the meaning of a million streams has changed over the years —  lots of tracks are reaching a million streams, and more often than you think. In fact, 718,000 songs have now surpassed a million streams, and 238,000 songs received a million streams in 2021 alone. Over 230 songs have even reached a billion streams. To get a better sense of the Spotify ecosystem, you can play around with the interactive tool on this site, which reflects data as of December 2021.

  • Why does the “per stream rate” appear lower for Spotify than some other streaming services?

    In the streaming era, fans do not pay per song and no major streaming services pay per stream, so we don’t believe that a “per-stream rate” is a meaningful number to analyze. Still, we understand that artists find it useful to calculate an effective “per stream” rate or, in other words, a revenue-to-streams ratio — dividing the total size of the royalty pool on Spotify (the numerator) by the total number of music streams on Spotify (the denominator). Both of these numbers are growing incredibly quickly every year.

    There are a number of factors that contribute to that ratio looking small, which we understand can seem problematic. We don’t believe it is; we are confident our model is maximizing revenue for everyone. And the proof is in the results: In 2021, Spotify paid out $7 billion to the music industry — more than any other service — and set the record for the highest annual payment from any single retailer in history.

    There are three key business decisions we make to maximize revenue to rights holders. Even though they decrease the effective per-stream rate on Spotify, we believe artists care more about a larger paycheck than a higher per-stream rate.

    High Streams per Listener: First, the average subscriber to Spotify listens to more music per month than on other services. That means more listeners discovering more artists, more opportunities to deepen engagement with listeners, and more chances to convert listeners into fans who buy tickets and merch. This engagement — as well as the millions of new Spotify listeners signing up every month — impacts the denominator of the revenue-to-streams ratio. 

    More Global Audience: Second, Spotify is more popular in countries with lower prices, which makes our revenue-to-streams ratio look lower compared with services not focused on those markets. Meeting listeners at an affordable price for them is the way to generate revenue from these markets that wouldn’t have been captured otherwise. Growing into these territories increases total revenue for the industry and for artists, which increases the size of the royalty pool for rights holders. This impacts the numerator of the ratio

    Ad-Supported Tier: Third, unlike most of our competitors, Spotify runs both a Premium subscription service and a free ad-supported service — so looking at Spotify’s revenue-to-streams ratio next to subscription-only competitors isn’t a direct comparison. While the ad-supported service doesn’t generate as much revenue per user as the Premium service, we’ve conducted extensive testing that consistently shows that when we take the free service away, those listeners turn to non-revenue-generating alternatives, meaning the collective music industry would miss out on revenue. The 2022 IFPI report found that across the industry, revenue from ad-funded streaming increased 31% (to $4.6 billion) in 2021 and now rivals revenue from sales of physical formats. This also impacts the numerator of the ratio. Offering an ad-supported service is also one of our most useful mechanisms for getting listeners to pay for music: Roughly 60% of Premium subscribers were once Free tier users. Again, this means we are maximizing the revenue for everyone.

  • How do artists and songwriters get paid?

    Spotify doesn’t pay artists or songwriters directly. 

    Spotify primarily makes money for music from two sources — Spotify Premium subscribers and advertisers on Spotify’s Free tier. Roughly two-thirds of this money is paid out to music rights holders. In 2021, that number — what we refer to as the “royalty pool” — was over $7 billion from Spotify alone.

    Spotify allocates that royalty pool based on each rights holder’s streamshare on Spotify. This money is not divvied up based on a fixed amount per stream because Premium subscribers do not pay per stream; they pay a subscription fee for access. 

    From here, we encourage you to check out our “How the Money Flows” video.

  • Why doesn’t Spotify just charge listeners more?

    Spotify persuaded listeners to pay a set price for music monthly, shifting fans away from piracy. The cost of a subscription is not an insignificant amount for many. Raising prices is a fine balance — we don’t want to drive people back to piracy or unmonetized solutions. In fact, the average adult spending money on music today is spending nearly double compared to during the peak CD era in 1999, and millions more people are spending. 

    That said, Spotify is always evaluating pricing in each of our markets, and we’ve increased pricing in a number of them. Since Spotify and artists’ rights holders share in the same pool of money, our incentives are totally aligned: We both want to generate as much revenue from listeners and advertisers as possible.

    Over the years we have made a number of price increases in different markets around the world, and we will continue to do so when it makes sense based on a variety of local and regional factors.

  • Should the numbers you’re presenting around artists’ revenues be much higher?

    We’re focused on growing the total amount of money Spotify pays to artists’ and songwriters’ rights holders, so the data on this site focuses on one revenue source: Spotify royalties. We expect the growth rates shown on this site to continue. For example, the number of artists generating over $100,000 per year has grown by 120% from 2017 to 2021. In fact, the number of artists reaching every revenue level on Spotify (e.g., $10K, $100K, $1M/year) has more than doubled in the last five years. 

    Spotify is just one of several music streaming services, representing over 20% of all global recorded revenue. That means you have to multiply Spotify revenues on Loud & Clear by at least four to estimate what each artist might be generating across all recorded revenue sources.

    The numbers on this site also do not account for revenue generated from touring, merch, or other sources. And Spotify can provide a multiplier effect — fan bases built via Spotify can be monetized by artists and their teams through these other revenue streams.

  • How did you determine that Spotify’s $7 billion payout to music rights holders was the record for biggest payment from a single music retailer in one year?

    Spotify paid more than $7 billion to recording and publishing rights holders in 2021. To confirm that this was the largest annual payout from a single retailer in recorded music history, we compiled verified, publicly available data about the streaming, digital-download, and CD eras and considered the largest retailers for each stage, as well as retailers that contributed combined revenue across these sources. 

    To assess streaming retailers, we evaluated public statements and disclosures from streaming services, record labels, and distributors. 

    To assess digital downloads, we noted IFPI data that digital downloads generated $4.4 billion to recorded music at its peak in 2012 (across all retailers), which is significantly less than Spotify’s comparable (inflation-adjusted) recorded music contributions in 2021. 

    To assess top CD retailers at the era’s peak, we found no indication that a single retailer contributed more than $1billion-$2 billion in a single year. For example, public reporting showed Trans World generated $1.4 billion in 1999, Tower Records peaked at about $1 billion, and Musicland generated $931 million in 1996. 

    We also analyzed combinations — retailers that operate streaming services, digital downloads, and/or physical sales. We focused our analysis on recorded and publishing revenue and did not consider non-recorded retailers in the concerts/touring space.

    We assumed a 2% annual inflation rate — so Spotify’s $7 billion in 2021 equates to $6.4 billion in 2015, $4.7 billion in 1999, and so on. Even adjusting for inflation, Spotify’s 2021 payout is the largest in a single year by a retailer in recorded music history.

  • You shared that an artist’s Spotify royalties can be multiplied by four to estimate total music revenue. Is that really true?

    Most of the data on Loud & Clear focuses just on what an artist has generated on Spotify alone. To get a fuller picture of what an artist might have generated across all revenue streams, there are three ways to think about it:

    Streaming (3x): Spotify represents about a third of global revenue generated from all streaming services. An individual artist’s proportion may vary, based on their genre, fanbase, and marketing strategies, but on average, you can multiply Spotify royalties by roughly three to estimate what an artist may have generated across all streaming services. So $100,000 from Spotify might be $300,000 from streaming overall.

    Recorded Revenue (4x): Based on IFPI data, Spotify represents over 20% over global recorded revenue. Recorded revenue means all the money generated from the music recording itself — including streaming, physical sales (CDs, vinyl), sync, performance rights, digital downloads. Again, an individual artist’s proportion of Spotify revenue can vary, but on average, you can multiply Spotify royalties by roughly four to estimate how much an artist might have generated across all global recorded revenue. So $100,000 from Spotify might be $400,000 in total recorded revenue.

    Total Revenue: The figures shared on this site also do not account for non-recorded revenue streams — like concerts, merch, brand sponsorships, and more. These revenue streams are additional to recorded revenue and can vary in size.

  • How will Spotify achieve its mission?

    First, streaming is already the largest source of revenue in the recorded music industry, and we intend to continue growing it by improving our service, expanding into new markets, and ultimately, attracting more listeners and advertisers. In 2021, recorded streaming revenue alone (across all services) was higher than the entire industry’s revenue from all forms of recorded music for each year 2009 through 2016. Our incentives are aligned: We make money when the music industry makes money. And we’ve been growing revenue fast: In 2021, Spotify accounted for well over 20% of all recorded music revenue — up from less than 15% in 2017. 

    Second, a significant amount of the revenue Spotify makes is reinvested into building tools, resources, and opportunities for artists, songwriters, and the entire music industry — including our investments in personalization, playlisting, and editorial and marketing support, both on and off Spotify. Our goal is to help the industry harness the power of Spotify, drive discovery, and grow fan bases — so that the industry can earn more both on and off Spotify (through merch, sync, ticketing, etc.).

  • How is streamshare calculated?

    Every month, in each country we operate in, we calculate streamshare by adding up how many times music owned or controlled by a particular rights holder was streamed and dividing it by the total number of streams in that market.

    So if an artist received one in every 1,000 streams in Mexico on Spotify, they would receive one of every $1,000 paid to rights holders from the Mexican royalty pool. That total royalty pool for each country is based on the subscription and music advertising revenues in that market.

  • Would the user-centric model be more fair?

    The research we’ve seen to date suggests that a shift to user-centric payments would not benefit artists as much as many may have originally hoped. A study from the National Music Centre (CNM) found that the change would result in “at most a few euros per year on average” for artists outside the top 10,000. That research can be viewed here, and a useful summary of that research can be viewed here

    We are willing to make the switch to a user-centric model if that’s what artists, songwriters, and rights holders want to do. However, Spotify cannot make this decision on its own; it requires broad industry alignment to implement this change.

  • I’ve been reading about artists and songwriters selling their catalogs to investment firms – why is that happening?

    Music catalogs are more valuable than ever. Because of streaming, music now has significant potential to make money well past the initial sale or release. This means an artist or songwriter who hasn’t put out new material in a decade or two, yet maintains a significant fan base, can still generate healthy revenues year after year. For example, on this site we spotlight Heritage artists — which we define as averaging more than 500,000 monthly listeners with 80% of their streams from tracks more than five years old. This group, on average, generated $473,000 from Spotify alone in 2021 (and likely well over $1 million across all streaming services). 

    The rising value of artists’ and songwriters’ catalogs serves as another important signal of optimism for the future value of music. 

  • How is Spotify measuring payouts on this site? Why doesn’t this focus on what artists actually take home?

    We would love to report on the money that artists take home as a result of their Spotify performance — but we do not have insight into each individual artist’s and songwriter’s agreements with their chosen rights holders. We can only report the data that’s available to us, which is the amount of money that has left Spotify. 

    So the data on this site centers around the royalties generated — for both recording and publishing — that Spotify pays out to music rights holders. We look at each performing artist on Spotify and are reporting how much was paid to their rights holders across their full catalog for each calendar year.

    Spotify doesn’t pay artists directly. We pay rights holders selected by the artist — whether that’s a major label, independent label, aggregator, distributor, or otherwise. The vast majority of the most-streamed music on Spotify is distributed by one of five major rights holders, while dozens of distributors and aggregators provide service to the independent artist community across all streaming platforms. You can check out more from our “How the Money Flows” video here.

  • What was the methodology used for your Publishers, Songwriters and CMOs Revenue infographic?

    Economist Will Page used publicly available data from the 2020 IFPI Global Music Report to reverse engineer payments to songwriters, publishers, and their CMOs for revenues that came from the consumer, namely purchasing CDs and downloads, and listening to ads on or subscribing to streaming services. The methodology factored in regional differences in licensing and trends in the terms of trade between rights user and holder.

  • How can I grow my audience and find success on Spotify?

    We want Spotify to be the most effective and valuable place for artists and their teams to grow their fanbase at every stage of their career. That’s why we’re building new tools for the more than one million artists who use Spotify for Artists each month. You can explore Spotify for Artists features here. Be sure to check out Artist Pick, Canvas, Promo Cards, Marquee, playlist pitching, Songwriter Pages, Made to Be Found, Noteable, Fan Study, and more to help grow your fanbase.

    If you’re looking for tips, we’ve put together these promotional + engagement best practices and a guide to preparing for release day.

  • Spotify is spending millions on podcasts. Why isn’t the music industry seeing that money instead?

    Our investments in original and Exclusive podcasts have brought millions of new listeners onto Spotify — listeners that stick around to stream music on Spotify, too, increasing the music royalty pool. All subscription fees paid by listeners go into the music royalty pool; podcasters are typically compensated by selling advertising within their podcasts. 

    Also, we see music and talk being mutually beneficial — they’ve coexisted for years on formats like linear radio (AM/FM). We’re already experimenting with new ways to mix talk with royalty-bearing music that opens up new ways for listeners to dive deeper into the music they discover via podcasts. Some examples include playlists like Daily Drive (which creates a personalized commute experience), formats like Music + Talk (which allows creators to pair their commentary and talk segments with songs on Spotify), or Greenroom (a social audio app that lets listeners host and participate in live discussions between artists and fans).

  • How much money does Spotify keep?

    Spotify’s share is roughly one-third of the revenue generated from subscription fees and advertising on music for the Free tier. 

    And this is nothing new. Retailers have always taken a fee for their services — historically an even higher cut. For example, near the height of the CD era, the retailer carried somewhere between 35% and 40% of the CD or cassette sold.

    We prioritize growth over profits, so our share is reinvested into building tools and services for artists, maintaining a quality product for listeners, and attracting more users to grow revenue from. Investment includes everything from cloud computing and credit card fees to product updates and new technologies, from developing playlists and experimenting with new ways for fans to engage with your music to building tools and resources to help guide you through the process.

  • How can I put Streaming Numbers in Context for my home market?

    The Streaming Numbers in Context section of the site focuses on global figures for the sake of simplicity, but one useful indicator for how local stream counts stack up is to check out your local Spotify Chart. You’ll find that the amount of streams it takes to chart in different territories around the world can vary quite a bit. For example, what it takes to chart in Malaysia and Bulgaria can look pretty different from Australia and Mexico. Also, through Spotify for Artists, artists can view the geographic breakdown of their listeners (by city and by country) in the Audience tab of their dashboards.

  • How did you conclude that the CD era favored superstars twice as much as today’s streaming era?

    RIAA’s data for gold and platinum certifications include the date any album has been certified for having sold its first 500,000 copies in the US, and any following certification for selling a million copies. Using the timing between these certifications, we estimated how many copies each album sold in any given calendar year in the US. We aggregated this up to the artist level and compared that to the total number of albums sold each year based on RIAA’s US Sales Database. Calculating this over the peak of the CD era (1994-2002), we estimated that the top 50 artists on average made up 24.9% of all US album sales per year. We compared that to the percentage of streams on Spotify in the US that the 2021 top 50 artists represent, as this streamshare is what determines our royalty payouts.

  • How do you account for inflation on the site?

    Anytime we refer to inflation on the site, we’ve made a simplistic assumption that the global inflation rate has been 2% per year, consistent with Federal Reserve and Bank of England guidance. Where relevant, we’ve also compared it to specific US figures with the CPI calculator.

What Else?

Let us know what’s top of mind for you and what else would be helpful to know. We will add to the site based on your feedback so we look forward to hearing from you. 

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    Artists deserve clarity about the economics of music streaming. Last year, we launched this site to increase transparency by sharing new data on Spotify’s royalty payments and breaking down the global streaming economy, the players, and the process. The data shows the music industry is healthier than it’s been in a long time, and more artists are finding more success than ever before. But we’re nowhere near done, and we’ll keep pushing to grow the industry.

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