Spotify releases annual music economics report, Loud & Clear 2024
Spotify’s Loud & Clear 2024 report revealed significant insights into Korean and global streaming data.
Launched in 2021, Loud & Clear is a yearly report into music streaming, giving audiences around the world the big news in streaming economics. It includes information about payouts, royalty systems and processes, artists’ streaming revenue, and more related information.
Latest record-breaking revenue for Korean artists on Spotify
According to Spotify, first-time listeners discovered Korean artists close to 2.2 billion times. Over 3,600 Korean artists were added to editorial playlists in 2023. Royalties generated by Korean artists had a threefold increase from 2019 and a 780% rise since 2017.
The top 10 countries streaming South Korean artists were the United States, Indonesia, Philippines, Japan, Mexico, Brazil, India, Thailand, South Korea, and Canada.
Expanding artists’ opportunities globally
Spotify’s data was able to emphasize how their platform was able to support artists worldwide. In 2023, they set the record for the highest annual payment to the music industry from any single retailer.
Indies generated a record-high of nearly USD 4.5 billion (KRW 6.1 trillion) last year. This is a fourfold increase from 2017, and it accounts for half of the total revenue generated in 2023. Nearly USD 4 billion (KRW 5.4 trillion) was paid to publishers, performance rights organizations, and collecting societies for songwriters over the last two years.
Furthermore, it was disclosed that over half the artists who generated at least USD 10,000 (over KRW 13 million) are from countries where English is not the first language. Spanish, German, Portuguese, French, and Korean lead the pack for performance in languages other than English.
“Spotify has been a significant and consistent driver of transformation in the global music industry, as demonstrated by its Loud & Clear report. We believe that artists around the world deserve clarity when it comes to the economics of music streaming”
– Jungjoo Park, Spotify Korea Head of Music
Jungjoo Park also added that Loud & Clear data reflects their commitment to local artists and the music industry. They will continue to expand Korean music’s reach to a global audience by supporting local artists on all scales.
