Spotify has paid $1 billion to artists every quarter and it plans to increase that figure in the last quarter of the year, estimating that it will pay over $4 billion to artists by the end of 2020.
Universal Music Group and Sony Music Group are strong examples of how the pandemic has increased the earnings of the major labels in the third quarter of the year, of which Spotify contributes largely towards.
Spotify continues to increase its number of subscribers; in fact in its latest quarterly financial report, Spotify announced that it had amassed 320 million active monthly users – a 29% growth for the quarter. Of that number, Spotify now counts 144 million paid users, representing a 27% jump.
Spotify continues to be the largest music streaming service globally by a wide margin, with Apple ranking at number two with around 60 million paid subscribers as of 2019. Amazon Music is not too far behind at 55 million.