Spotify to pay $500m in music rights this year

-

Music streaming platform, Spotify say they expect to pay around $500 million to music rights holders during 2013.

The news comes from the company’s chief executive Daniel Ek, who says they will pay as much they year as they have so far in total since 2008.

Ek made the announcement yesterday (5 February) at a music tech Founders Forum event held in Los Angeles.

It follows news that the company are nearing “operating profitability”, after announcing a year of increased growth last September.