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 2023, recorded streaming revenue alone (across all services) was higher than the entire industry’s revenue from all forms of recorded music for each year 2003 through 2019. Our incentives are aligned: We make money when the music industry makes money. And we’ve been growing revenue fast: In 2023, Spotify accounted for nearly 25% 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.).