06:31 AM EST, 01/29/2025 (MT Newswires) -- Spotify ( SPOT ) said Tuesday it contributed $10 billion to the music industry in 2024, bringing its total payouts since inception to almost $60 billion.

The company attributed its growth to features like AI DJ, Wrapped, and curated playlists, which improve user retention and convert free-tier users into paying subscribers.

Spotify ( SPOT ) said its efforts in regions such as India, Brazil, and Nigeria have resulted in significant growth.

The platform noted that over 10,000 artists now earn more than $100,000 annually on Spotify ( SPOT ), compared to 2014, when only 10,000 artists earned $10,000 or more.

Spotify ( SPOT ) added that it generates more than half of independent labels' streaming revenue.