Music platform Spotify is officially updating its listening royalty payment policy. Now the company will pay artists only for those songs that have gained 1000 or more plays in a year. This was reported on the Spotify blog.

The reason for the innovation in the company is that now there are more than 100 million tracks on the platform and tens of millions of them were listened to from 1 to 1000 times per year and generated an average of $0.03 per month.

But labels require a minimum withdrawal amount, which ranges from $2 to $50 per withdrawal, and banks charge transaction fees, so these funds often don’t reach the music creators.

The funds that the company will save are planned to be “raised for new and professional artists.” We are talking about an additional $1 billion.

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