Fairness Rocks News Spotify to Launch HiFi Option Later This Year, Paid Out $5 Billion in Royalties in 2020

Home Industry News Spotify to Launch HiFi Option Later This Year, Paid Out $5 Billion in Royalties in 2020

Author: Jem Aswad

Date: February 22, 2021

Original Source: Variety

Industry News

Spotify to Launch HiFi Option Later This Year, Paid Out $5 Billion in Royalties in 2020

As part of a long presentation called “Stream On,” Spotify announced that it will be introducing a hi-fi option later this year, among other benefits for fans and creators. CEO and cofounder Daniel Ek also said the company paid out $5 billion in royalties in 2020 and chief content officer Dawn Ostroff announced that over the last four years, the number of recording artists whose catalogs generated more than $1 million a year across recording and publishing is up over 82% to more than 800 artists, and the number generating more than $100,000 a year is up 79% to more than 7,500 artists.

Read More: https://variety.com/2021/music/news/spotify-hifi-5-billion-royalties-1234912311/