Spotify (SPOT.N) has announced a record-breaking $10 billion payout in royalties to the music industry in 2024, marking the largest annual distribution in the company’s history.

Key Highlights:

• Nearly 1,500 artists earned over $1 million in royalties from Spotify last year.

• The streaming giant’s payouts have surged tenfold since 2014 when it distributed $1 billion.

• A lawsuit accusing Spotify of underpaying songwriting royalties for millions of tracks was dismissed by a New York federal judge this year.

This milestone underscores Spotify’s growing financial impact on the music industry, even as it faces ongoing scrutiny over its royalty distribution model.