Spotify is one of the world's largest streaming music services with over 24 million active users. Today Spotify has announced that by the end of 2013 that they will have paid out $1 billion to artists. They also announced that with their “artist-friendly” streaming service, that they have already paid out $500 million.
“Spotify’s goal is to grow a service which people love, ultimately want to pay for, and which will provide the financial support to the Music Industry necessary to invest in new talent and music. We want to help artists connect with their fans, find new audiences, grow their fan base and make a living from the music we all love,” said a spokesperson in a statement provided to TechCrunch today. “Right now we’re still in the early stages of a long-term project that’s already having a hugely positive effect on artists and New Music. We’ve already paid $500 million to rightsholders so far and by the end of 2013 this number will reach $1 billion. Much of this money is being invested in nurturing new talent and producing great new music.
“We’re 100% committed to making Spotify the most artist-friendly music service possible, and are constantly talking to artists and managers about how Spotify can help build their careers.”