The figure brings the music streaming giant's total contribution since its founding in 2006 to nearly $60 billion

With the Grammy Awards looming, Spotify wants to remind the industry that it has been at the forefront of its renaissance. The streaming audio giant said Tuesday that it paid out $10 billion to the music industry in 2024, a new record high. And it has paid out a collective $60 billion since its founding a decade ago.

Spotify and Universal Music Group have struck a new multi-year agreement focused on driving subscriber growth and advancing music monetization.

In a new open letter, Spotify have revealed they paid out $10 billion to the music industry in 2024 which is a billion more than their previous record fee

Spotify paid $10 billion USD ($16 billion AUD) to the music industry in 2024, the streaming giant said this week. With last year’s total revealed—a new record for Spotify—the company has paid almost $60 billion to the music industry since its founding.

After being accused of paying musicians the lowest rates amongst the big streaming services, Spotify has defended its record.