![]() ![]() As Billboard noted, that valuation is about twice that of Spotify’s largest supplier, Universal Music. In February, Spotify stock hit an all-time high when it reached $387 per share, which valued the company at more than $72 billion. recorded music income, according to the Recording Industry Association of America’s year-end report. In 2020, overall music revenue increased 9.2% over 2019 to $12.2 billion and streaming accounted for 83% of U.S. Spotify is owned, in part, by Universal Music Group, Sony Music Entertainment and Warner Music, whose continued growth is tied to the success of the streaming giant. Needless to say, a vocal number of independent artists didn’t appreciate career advice from an executive who accrued his nearly $5 billion in wealth by monetizing their art.
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