(Hypebot) — 7500 artists earn $100,000 or more a year on Spotify, the streamer announced yesterday, despite being available in 93 markets worldwide.
The last time that Spotify shared how many musicians have music on the platform it was 3 million. Soundcloud claims 25 million creators. Even using the old 3 million stat, that means that just .0025% of the musicians and groups on Spotify earn $100,000 a year or more.
That’s a long way from the “1 million creators making a living” goal set several years ago by Spotify CEO and founder Daniel Ek.
These sobering statistics – which seemed intended to be encouraging to musicians and podcasters – came alongside the launch of HiFi streaming, the addition of 85 new markets, and much more during Spotify’s Stream On online event Monday.
Spotify’s Plan To Make It Better
“How you monetize an average consumer the first time you have them listen to you is going to be very different than how you monetize one of your super fans,” Ek told The Verge. “And in that future, I think Spotify will recognize all of those different abilities and allow the creator to find the best ways to monetize their fan base based on both their ability and how they think about sustaining their creative endeavors.
“It’s really a long, long-term goal”
“It’s really a long, long-term goal, but the way I think about the world is really, if you think over the next 10 years for certain, what’s now radio is going to collapse and move from a linear space to an on-demand space,:” said EK. “And all of those minutes spent, and we’re talking two to three hours a day of the average American, just to name one example, is now going to move online.”‘