It was a review of Spotify’s Founder and CEO, Daniel Ek’s, presentation at the company’s first ever Investor Day.
The piece really zeroed in on Ek’s proclamation that, “Our mission is to enable one million artists to live off their work.”
Ek stated that there are currently about 22,000 artists that fall into this category, up from 16,000 in 2015.
“IT’S PROBABLY FAIR TO BE CONSERVATIVELY PUT SPOTIFY’S ANNUAL ‘TOP TIER’ EARNINGS THRESHOLD AT APPROXIMATELY $50,000 A YEAR.”
He labeled these artists “top tier”, suggesting that they are in the elite band of acts that can live off their work solely from the revenue they generate from Spotify.
Unfortunately, we don’t know exactly how to quantify what “live off their work” means financially.