The global music landscape is undergoing a seismic shift, with Spotify's latest report revealing a surge in popularity for international artists, including Greek musicians.
Released on Tuesday, March 19th, Spotify's Loud & Clear report unveiled a notable trend: over half of the artists earning at least $10,000 (€9,220) on the platform hail from non-English-speaking countries. Languages such as Spanish, German, Portuguese, French, Korean, Hindi, Indonesian, Punjabi, Tamil, and notably, Greek, experienced significant growth in 2023, reflecting listeners' increasingly diverse music preferences.
Moreover, independent artists and those signed to DIY labels witnessed a remarkable rise in streaming revenue, comprising approximately half of Spotify's $4.5 billion (€4.1 billion) revenue in 2023.
"The overwhelming majority of artists on Spotify wouldn’t have had music on the shelf in the CD era," the report emphasises, highlighting streaming's role in facilitating opportunities for emerging talents. Even artists ranked 50,000th in terms of revenue generated a minimum of $16,500 (€15,200) from Spotify alone, a figure that amplifies when considering earnings from other streaming services.
In response to criticisms regarding artist compensation, Spotify recently implemented new royalty payment policies, including a controversial decision to demonetise tracks with fewer than 1,000 plays. Despite pushback, Spotify's leadership maintains that these changes will funnel more money to artists. Tom Connaughton, Managing Director of Spotify UK, asserted that the revamped approach aims to "give a further $1 billion (€921,000) to emerging and professional artists over the span of the next five years," aiming to combat unfair practices and ensure artists receive their rightful earnings.
As streaming continues to redefine the music industry landscape, Greek artists find themselves amidst a global wave of recognition, leveraging platforms like Spotify to reach audiences far beyond their borders, signalling a new era of opportunity and diversity in music consumption.
(Source: EuroNews)
