The company’s latest Loud & Clear report – a relatively transparent look into a closed-off industry – shows just how skewed financial success is in music

Since 2021, Spotify has published its Loud & Clear report, corralling data points to show how much money is being earned by artists on the streaming service. There is much talk of “transparency” – perhaps the most duplicitous word in the music industry’s lexicon – but this year’s report feels very different, coming as it does alongside the publication of author Liz Pelly’s book Mood Machine, a studs-up assault on streaming economics in general and Spotify in particular.

Then there is the unfortunate timing of the news, as recently unearthed by Music Business Worldwide, that Spotify co-founder and CEO Daniel Ek has cashed out close to $700m in shares in the company since 2023 while Martin Lorentzon, the company’s other co-founder, cashed out $556.8m in shares in 2024 alone. Meanwhile artists scream of widening financial inequalities and accuse streaming services of doing better from artists than artists are doing from streaming services.