"Spotify has helped level the playing field for artists at every stage of their careers," the company said in the report. "Success in the streaming era doesn't require a decade-spanning catalog nor a chart-topping hit."
The news comes about a month after the company reported a fourth-quarter earnings beat that saw the Swedish music streamer record its first full year of profitability.
Spotify said the upper echelon of royalties, artists who generate more than $10 million, has soared 600% since 2017, reaching a total of 70 for 2024.
The company said it paid an all-time high of $10 billion in royalties to the music industry for 2024, a figure it claimed is "more than any single retailer has ever paid in a year, and over 10x the contribution of the largest record store at the height of the CD era."