A lot of artists are struggling because of that,” said Ek. As you very well know, a lot of the income today that artists are getting is from touring and live performances. We realise that a lot of artists are impacted in the short term by Covid and the impact it has on the live industry. “There are two different trends here worth picking apart. Labels and streaming services have been pretty quiet amid this debate, so we put the question to Ek: why is there this gap between Spotify’s stated ambitions, and the experiences of the musicians who have been speaking out? And what’s needed to bridge that gap? However, in 2020 more than any other year since Spotify launched, there’s been a surge of musicians talking publicly about their streaming royalties not being enough to live on – including a campaign in the UK ( #BrokenRecord) that has trained its sights not just on streaming services, but on labels and the wider industry structures. That company mission was originally expressed by Ek at Spotify’s investors day in March 2018, ahead of going public, when he talked about “helping one million artists to be able to live off their art”. He suggested that compared to 10-15 years ago “the average consumer has way more diverse tastes: through the various genres, and they know of a lot more artists”. More and more artists are breaking through in a big way, being impactful and creating new fan relationships.” “This is something that’s been near and dear to us for some time: it’s in our company mission to enable more artists to live off their art, and it’s really coming through in the numbers. What does that mean in the big scheme of things? “The real thing is that there are more relationships being formed to more artists,” said Ek. One of the lines that jumped out of Spotify’s Q2 earnings announcement was “Gone are the days of Top 40, it’s now the Top 43,000” – referring to the fact that the streaming service’s ‘top tier’ of artists – those accounting for the top 10% of its streams – now number more than 43,000, compared to 30,000 a year ago.
Already last earnings call we were seeing a lot of the numbers stabilising and it was looking very promising, so it’s nice to see that stability and to see more and more regions get back to normal again, with a continuing trend from Q1,” said Ek. CEO Daniel Ek talked to Music Ally after the financials were announced, starting with his view on the growth. Spotify announced its latest financial results yesterday, with growth in listeners and subscribers at the top end of its forecasts, despite the Covid-19 pandemic.
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