Spotify respond to Thom Yorke and Nigel Godrich's criticism of their business model

Last night, Atoms For Peace pair Thom Yorke and Nigel Godrich removed large amount of their back-catalogue from music-streaming website Spotify, saying that the company’s business model is not good for artists. Now, Spotify have released a statement in response.

Godrich had originally taken to Twitter to vent his frustrations after removing Atoms For Peace’s recent debut Amok, Thom Yorke’s solo LP The Eraser and his recent Ultraísta release from the platform.

A spokesman for the Swedish-based company said that they continue to be committed to helping both artists and fans, claiming to have already paid $500 million in 2013 to musicians and rightsholders.

You can read the complete statement below:

“Spotify’s goal is to grow a service which people love, ultimately want to pay for, and which will provide the financial support to the music industry necessary to invest in new talent and music. We want to help artists connect with their fans, find new audiences, grow their fan base and make a living from the music we all love. Right now we’re still in the early stages of a long-term project that’s already having a hugely positive effect on artists and new music. We’ve already paid US$500M to rightsholders so far and by the end of 2013 this number will reach US$1bn. Much of this money is being invested in nurturing new talent and producing great new music. We’re 100% committed to making Spotify the most artist-friendly music service possible, and are constantly talking to artists and managers about how Spotify can help build their careers.”

[via Music Week]