Spotify has revealed that the royalties generated by artists in 2023 was in excess of £750 million, more than double the amount for 2017.
That figure represents the total royalties for rights-holders in the UK, which includes the shares for artists, songwriters, artists and labels.
Spotify has unveiled UK-specific streaming royalties data as part of its Loud & Clear platform.
Close to 1,000 UK artists generated at least £100,000 in royalties from Spotify alone in 2023, more than double compared to 2017.
The number of UK artists who generated more than £10,000 and £50,000 in royalties from Spotify alone in 2023 has doubled since 2017. Around 75% of all royalties generated by British artists on the platform in 2023 were from listeners outside of the UK.
More than 40% of all royalties generated by UK artists on Spotify in 2023 were by independent artists or labels.
Earlier this year Spotify shared global data, revealing that the independent sector makes up nearly half the money generated – $4.5 billion of the more than $9 billion paid out in 2023.
Safiya Lambie-Knight, head of music for Spotify UK and Ireland, said: “This year’s Loud & Clear data shows more and more artists in the UK are generating record income from streaming, which has been a huge driver in lowering barriers to entry and democratising access to music across the world.
“While the UK has long had a rich heritage in music, it’s incredible to see how streaming and Spotify have enabled UK talent to scale their audiences globally. We work every day to innovate ways to help more artists earn and grow, so it’s great to see that three quarters of royalties for UK artists were generated from listeners outside of the UK, showing just how more artists are connecting with fans around the world."
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