Money

Spotify has forked out billions to pay back artists

Published

3 years ago

March 25, 2022

Brittany Coles

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.

How does Spotify measure payouts on its site?

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.

Money

China has pledged to “significantly increase” debt to jumpstart its economy

Published

11 hours ago

October 14, 2024

ticker NEWS

Finance Minister Lan Foan announced plans to help local governments tackle debt, support low-income households, and boost the property market.

Investors have been urging such steps as China faces deflationary pressures and a sharp property market downturn.

However, no figure was provided for the stimulus package, leaving markets anxious about the strength and duration of the recovery effort.

Economists warn that this lack of clarity may prolong uncertainty until China’s legislature approves extra debt measures.

Concerns are rising that China may fall short of its 5% growth target, signalling deeper structural challenges ahead.

Leaders

Niche accountants proving essential to e-commerce success

Published

5 days ago

October 9, 2024

ticker NEWS

Expert explores the key benefits of partnering with accountants who specialise in niche industries.

In today’s fast-paced digital world, having an accountant who understands the intricacies of e-commerce can make all the difference in your business’s success.

Specialist accountants understand the specific needs of e-commerce businesses, helping to maximise tax savings, streamline operations, and improve financial health.

Niche accountants can identify opportunities to scale, optimise profit margins, and implement strategies that align with your business goals, ultimately drive growth.

Chris Rivera, Founder of The Ecommerce Accountants, joins to share his key insights into the industry.

#featured

Money

Amazon’s 2024 Prime Day expected to make huge impact on tech sector sales

Published

6 days ago

October 9, 2024

ticker NEWS

Market experts believe Amazon’s upcoming event will drive a surge in sales, benefiting Amazon’s stock and boosting consumer tech companies that sell through its platform.

Experts predict that a short-term rally in retail and tech stocks could be seen as revenue spikes.

Founder/CEO of Unearthing Opportunities, and Board Advisor to Power Hero, Bradley A Gastwirth joins to unpack the latest market moves. #featured #trending