Spotify Paid $9 Billion In Royalties In 2023

FILE- This March 20, 2018 file photo shows the Spotify app on an iPad in Baltimore. Music streaming service Spotify says it's cutting 6% of its workforce, becoming yet another tech company resorting to layoffs as the economic outlook worsens. CEO Daniel Ek announced the restructuring in a message to employees that was also posted online Monday, Jan. 23, 2023. (AP Photo/Patrick Semansky, File)

LOS ANGELES (AP) — Every year since 2021, Spotify has published its “Loud & Clear” report, an attempt to be more transparent about its payments.

On Tuesday, the streaming giant published its most recent report, claiming record accomplishments, including paying out $9 billion in streaming royalties last year.

That’s the highest annual payment from any retailer to the music industry.

“Indie” artists accounted for $4.5 billion, half of all royalties paid out by Spotify.

Spotify executive Charlie Hellman says the streaming giant zooms in on artists that have “at least put up an album’s worth of music once they seem to have some indication that they’re trying to build a fan base.”