Garage band millionaires

Garage band millionaires

From Buddy Holly to Weezer, numerous musical acts began their careers practicing in a garage. While few garage bands make it to the Rock & Roll Hall of Fame, an increasing number of musical artists are earning a living from their craft. According to Spotify, between 2017 and 2023, the number of artists earning more than USD 10,000 per year has nearly tripled. Given Spotify accounts for more than 20% of global recording revenue, an artist that generates USD 100,000 on Spotify will have earned four to five times that figure from all platforms combined. Notably, 80% of artists that earned at least USD 1 million never broke into Spotify’s top 50 daily global songs chart. This collective exposure for smaller acts represents a shift in the music industry where previously radio stations would play only artists at the top of the charts. Smells like teen spirit is alive and well.  

Source: Spotify, March 2024