First-quarter spike totals Spotify royalty payouts at $3 billion
There’s more positive news for Spotify this week as the world patiently awaits Apple’s own leap into the streaming world.
Billboard reports that the Swedish streaming giant paid out $300 million to rights holders in the first quarter of 2015, adding to a now total royalty pay out of $3 billion since the company’s launch back in 2008. It’s a positive growth for Daniel Ek’s outfit, who have been constantly put into the spotlight over debates surrounding the payout rates of the platform courtesy of high-profile boycotts from the likes of Taylor Swift and lukewarm competition from the likes of Jay Z’s TIDAL.
Interestingly, figures indicate that one tenth of payouts came within this latest three-month period. With global subscription revenues hitting $5.1 billion between 2009 and 2014, it’s estimated that the company paid out approximately 50% of global subscription revenues. There’s work yet to be done, but Spotify is certainly making headway on the front of ironing out the royalties playing field.