In its most recent earnings report, the music streaming leader celebrated 3.17 billion Euros (about $3.4 billion) in Q4 2022 revenues and 205 million paid subscribers, representing a free-to-paid subscriber conversion number of 42% that is the envy of the entertainment business. ![]() But few in the industry were impressed. Artists certainly weren’t. Spotify recently trumpeted that it has paid out nearly $40 billion to music rights holders since its launch in 2006, an impressive number to be sure.
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