The streaming giant has paid $7 billion to music industry rights holders last year
This money makes up almost 25 percent of the industry’s total revenues.
As part of that sum, Spotify has paid its top artists millions of dollars each.
The news was announced on the company’s Loud And Clear website, which aims to increase transparency around its payments.
Spotify says over 52,000 artists earned more than $10,000 from Spotify last year.
A hundred and thirty of those artists were paid more than $5 million over the last 12 months.
Spotify didn’t name any of the artists involved, but its most-streamed acts last year were Bad Bunny, Taylor Swift, BTS, Drake and Justin Bieber.
Spotify says they do not have insight into each artist and songwriter’s agreements with their chosen rights holders, therefore they can’t report on how much artists profit from their Spotify performance.
“We can only report the data that’s available to us, which is the amount of money that has left Spotify,” they say.
The streaming platform adds that they don’t pay artists directly, instead they pay rights holders selected by the artist.
Popstar Olivia Rodrigo had the most-streamed song on Spotify last year with her song Drivers License.
Spotify is the highest paid-subscription music service globally with over 180 million paying subscribers.
Savannah Pocock contributed to this report.
Adidas faces potential $320M Yeezy shoe write-off post-Kanye split
Adidas is contemplating a significant financial blow as it considers writing off $320 million worth of Yeezy shoes following its separation from music and fashion icon Kanye West.
The sportswear giant’s decision to sever ties with West’s Yeezy brand has left a mountain of unsold merchandise, threatening to dent the company’s balance sheet.
The partnership between Adidas and Kanye West, which began in 2013, had been immensely successful, with Yeezy shoes becoming a highly sought-after fashion statement.
However, recent controversies and disagreements between West and Adidas prompted the sportswear company to distance itself from the celebrity designer.
The massive inventory of Yeezy shoes now presents a dilemma for Adidas, as it grapples with finding a solution to deal with the surplus stock. A $320 million write-off could significantly impact the company’s financial performance in the short term.
Adidas is currently exploring various options, including discounting, donating, or repurposing the unsold inventory to mitigate the financial hit.
Warner Bros discovery warns of Hollywood’s ‘real risk’ post-strikes’
Warner Bros Discovery, has issued a stark warning regarding the ‘real risk’ that Hollywood faces in the aftermath of the recent strikes that have taken a considerable toll on the industry’s financial health.
The strikes, which disrupted film and television production for several weeks, resulted in substantial financial losses for studios, production companies, and countless industry professionals.
Warner Bros Discovery emphasised the necessity for a resilient and adaptable approach to navigate the ongoing challenges and uncertainties facing the film and television sector.
The conglomerate stressed the importance of implementing measures to mitigate such risks in the future, which include fostering better labour relations and contingency planning to safeguard against potential disruptions.
The message underlined the need for the industry to adapt to the evolving landscape of content creation and distribution, particularly in the digital era.
This warning from Warner Bros Discovery highlights the need for the entertainment industry to recognise the ever-changing dynamics and economic challenges, and the importance of preparedness to maintain its prominent position in the global market.
MrBeast’s monumental 100 African wells sparks controversy
Philanthropic YouTuber MrBeast, known for his outlandish and extravagant charity stunts, recently financed the construction of 100 wells in Africa, providing clean drinking water to thousands of people.
While the philanthropic gesture is commendable on the surface, it has ignited a wave of controversy and criticism from various quarters.
Critics argue that MrBeast’s approach, although well-intentioned, might not be the most sustainable solution to Africa’s water crisis.
They question the long-term viability of these wells, raising concerns about maintenance and local ownership. Some have even labelled it as a publicity stunt, arguing that it merely scratches the surface of a much deeper issue.
On the other hand, MrBeast’s supporters laud his efforts in raising awareness and mobilising his enormous following to contribute to a worthy cause. They argue that any effort to alleviate the water crisis is a step in the right direction.
In the end, whether MrBeast’s 100 wells in Africa are a game-changing philanthropic success or a mere spectacle remains a subject of intense social debate.
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