Miami, FL based GearAficionado has published new insights on Spotify that aim to highlight how much a top artist can make on the platform. The company is analyzing the current state of the music industry, and particularly streaming revenue, something which a lot of people take for granted now that music is extremely accessible. See more here: How Much Do Top Artists Make On Spotify?
“This information might not only alter your perception of the music industry, but also inspire you to explore new ways artists can leverage their talent for financial gain. By the end, you’ll have a solid understanding of what it truly means to be a ‘top artist’ on Spotify, from a financial standpoint. Whether you’re an aspiring artist, an avid music fan or someone simply intrigued by the economics of the music industry, this article has something for everyone.”
At the very top of the list are Rihanna, Taylor Swift and The Weeknd, each of whom purportedly make around $30 every minute, and this continues around the clock. As the most streamed artist on Spotify, The Weeknd earns about $1,360,000 per month, and it is estimated that he brings in around 272 million monthly streams.
A little further down the rung, the top 50 most-streamed artists on Spotify make around $750,000 per month. GearAficionado points out here that this is 700x the monthly minimum wage in the US, underscoring just how much successful artists stand to make even if they are not at the top of the ladder. These numbers translate to around $1,100 per hour, which also continues to accrue around the clock. In other words, the platform’s top 50 artists make in an hour, on average, the equivalent of the monthly US federal minimum wage.
The article comments that, “The biggest winner of this all is Spotify itself, since it usually takes 30% from artist's revenue.” These numbers also do not account for the fact that Spotify is by no means the only platform of its kind, and artists do make a lot of money elsewhere as well.
While these numbers may seem inspiring, GearAficionado says it is important to maintain a realistic view of the situation. The most successful artists may reel in unthinkable incomes, but the overwhelming majority of artists on the platform have made less than $10,000 on the platform. In fact, only 110,000 artists (of 11 million) made more — and a quarter of all tracks uploaded to Spotify receive no streams. With no streams, these tracks also receive no revenue.
Separately, GearAficionado says it is important to remember that much of a musician’s income comes from other sources as well. For instance, anyone with a solid presence on other platforms will likely be able to tap into their respective partnership programs as well. Youtube, Tidal, Apple Music and so on have revenue sharing programs that can be leveraged. Along with this, artists also earn from ticket sales, merch, and synchronization licensing (their music being used on TV and movies). Those with celebrity status can get big brand deals and advertising partnerships. Most notably, Rihanna even created her own makeup brand.
An artist should also use these platforms to push their primary claim to fame: their music. Of these examples, Youtube doesn’t focus on audio products, but it can be used to improve and widen the impact of the artist’s brand. While audiences do not always migrate well between platforms, these numbers can add up over time, and many will choose to stay with the artist once they get invested. If the artist’s music on Spotify is their primary focus, the other platforms may be considered gateways to their style and sound.
The rest of the article explains exactly how Spotify pays the rights holders to any product, including the reason why the rate paid may vary depending on the market in question. It also has a table illustrating the revenue of the Top 50 Spotify Artists, which many will find intriguing.
The full article is available for all on the official GearAficionado website. The online magazine regularly publishes articles on topics that span the entire music industry, from the top artists to instruments, equipment and more.
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