#None #Japan #Spotify #Japanese Artists #Streaming Growth

Overview of Spotify's 2024 Annual Report

In a significant announcement, Spotify has unveiled its annual report for 2024, detailing the payments and royalties it has provided to artists globally. With over 678 million users worldwide, Spotify continues to shape the music industry through its streaming platform.

Spotify has consistently released its annual reports since 2021, compiling data on the royalties paid to artists, songwriters, and industry stakeholders through its dedicated site, "Loud & Clear." This year marks a notable first as the report includes data specific to Japan, reflecting a growing interest in the Japanese music market.

Domestic Artist Revenue in Japan

Key Highlights for 2024:

• - Royalty Earnings Surge: In 2024, domestic artists generated over 25 billion yen in royalties on Spotify, representing a 25% increase from the previous year and more than doubling since 2021.
• - Growth in High-Earning Artists: The number of domestic artists racking up over 5 million yen has risen by 18% from the previous year, and fivefold since 2019. Furthermore, those earning over 10 million yen are up 23%, nearly doubling from 2021.
• - Japanese Music Dominance: Approximately 80% of the songs featured in the "Top 50 - Japan" ranking are from local artists, indicating a robust domestic presence in the charts. Over 11,000 domestic artists were added to Spotify's official playlists this year.
• - Discovery Metrics: Domestic artists were discovered over 2.6 billion times by new listeners on Spotify in 2024, showcasing their growing appeal and listener engagement.
• - Indie Artist Contribution: More than 50% of the royalties earned by domestic artists came from independent artists and labels, further emphasizing the platform's support for indie music.
• - Impact of International Audiences: About 50% of royalties were sourced from international listeners, indicating Japanese music's rising global footprint.
• - Women in Music: Female artists now represent 25% of those generating revenue, an increase of 8 percentage points since 2017, contributing to a more diverse musical landscape.

Global Overview of Spotify in 2024

Record Payments to Artists:

• - Unprecedented Payouts: In 2024 alone, Spotify made record-breaking payments of over $10 billion to the music industry, the highest ever for a single retailer in music history, surpassing previous CD sales figures by tenfold. In total, Spotify has paid the industry approximately $60 billion since its inception.
• - Streaming Market Expansion: Over the past decade, the amount Spotify pays annually has increased nearly tenfold, growing from $1 billion to over $10 billion. Following a peak drop in 2014, the recovery has been driven by Spotify’s mission to elevate the value of music.
• - Artist Earnings Growth: Spotify now supports artists at every stage of their careers. Since 2017, the number of artists earning between $1,000 and $10 million has tripled, while the top tier of artists has seen earnings triple as well.

Growth in New Artists:

One of the most exciting aspects of the report is the growth of newer artists. In 2024, approximately 12,500 artists earned over $100,000 through Spotify, with about a quarter of these individuals having started their careers only five years ago or less. Artists are rapidly building their careers, reaching wider audiences than ever before.

The Importance of Global Reach:

Many artists are now earning more from international streams than from their home countries, further emphasizing the importance of globalization in today's music landscape. More than half of the artists earning over $1,000 in royalties get the majority of their income from international audiences. Collaborations across borders are also becoming more prevalent.

Conclusion

The 2024 Spotify Annual Report paints a promising picture of the music industry, with record growth in artist royalties, particularly highlighting the success of Japanese artists. As the platform continues to evolve, it stands as a testament to the potential of streaming in creating sustainable careers for musicians worldwide.

For more details, visit Spotify.