Spotify stocks surge after record royalty payout
Photo: Reuters
Spotify (SPOT) said on Wednesday it paid $10 billion in royalties in 2024, the largest payout to the music industry in a single year.
Spotify's stock climbed over 4% in pre-market trading on Wednesday, News.Az reports, citing Reuters.
Nearly 1,500 artists earned over $1 million in royalties from Spotify last year, the Swedish streaming giant said.
Spotify said its yearly payout to the music industry had risen 10 times from $1 billion in 2014.
Spotify was hit with a lawsuit in U.S. that accused the company of underpaying songwriting royalties for tens of millions of songs last year. A federal judge in New York ruled to dismiss that suit this year.
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