Independents accounted for 50% of Spotify industry revenue last year

Independent artists and labels generated $4.5 billion on Spotify in 2023. This is the first year that Indies accounted for about 50% of the $9 billion the entire industry generated on the streamer.

$4.5 billion is more than the entire recorded music industry generated in every country around the world outside of the US, according to IFPI’s Global Music Report 2023, and a 4X increase over what Indies generated on Spotify from 2017.

Spotify now accounts for over 20% of global recorded music revenue, up from 15% in 2017. The streamer defines indie as a DIY artist or an artist signed to an independent record label. 

“Streaming has leveled the playing field for how independent artists get their music into the world,” says Spotify, pointing to its many playlists and the free and paid marketing tools it offers artists.

Since its founding, Spotify has paid the music industry more than $48 billion.

Bruce Houghton is the Founder and Editor of Hypebot, a Senior Advisor at Bandsintown, President of the Skyline Artists Agency, and a Berklee College Of Music professor.