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Spotify hits 5m subscribers, has paid more than $500m in royalties, Metallica on board

Spotify hits 5m subscribers, has paid more than $500m in royalties, Metallica on board

Spotify founder Daniel Ek has claimed that his platform has paid out more than $500m (£311) in music royalties since launching in 2008.

The news came as the company CEO revealed in a press conference in New York that Spotify can now boast of more than 5 million paying subscribers globally, with over 20 million active users in total.

Ek's royalties claim comes just a week after music video streaming platform VEVO said it had paid back more than $200m to the music industry since its launch in 2009.

The 5 million paying subscribers include more than a million in the US, according to The Guardian.

Said Ek: "We're the biggest subscription music service in the US, but also the fastest growing one. We've accomplished in one year what it took others a decade to do.

He added: "Spotify pays back nearly 70% of all the money that we get in to rights holders. We've now paid out more than half a billion dollars, and that's doubled in the last nine months."

Ek also confirmed that Metallica's music would be available on Spotify from next Thursday.

You can watch Ek's presentation from earlier tonight - in which he also announced a range of new discovery tools for users - below:

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Tags: spotify, daniel ek

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