It’s not just global stars like Taylor Swift who earn a lot of money on Spotify. The streaming service now reveals what it takes to earn almost a million euros a year.
Musicians can earn a lot of money on Spotify if they meet these conditions. (Source: riverlim/depositphotos.com, Screenshot Spotify, Montage Netzwelt)
- Spotify has released the Annual Music Economics Report.
- There the streaming service reveals more about earning potential.
- For a million US dollars annually, 20 to 25 million monthly streams are required, among other things.
The globally popular music streaming service Spotify has released a new report called the “Annual Music Economics Report” in which the company provides a little more insight into the earning potential of musicians.
If you want to earn almost a million euros, you have to have around 4 to 5 million listeners and around 20 to 25 million streams per month. According to Spotify, this is the rule of thumb for annual earnings of one million US dollars (the equivalent of around 920,000 euros). Pop star Taylor Swift, for example, reaches more than 100 million people a month on the platform and is expected to earn several million US dollars at the end of the year.
It’s certainly not easy. Only 1,250 artists on Spotify (out of more than 10 million total) have made that much money. 11,600 musicians receive more than $100,000 and 66,000 artists have reached the $10,000 mark per year.
Spotify claims that royalties support the careers of many artists and that their earnings on the streaming service have tripled since 2017. In one year, Spotify paid more than $9 billion to the music industry.
Recently a band managed to break a record; with the tenth own song that reaches the one billion stream mark.
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