this post was submitted on 24 Jul 2023
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To be fair, the Family Premium rate went up by $1/mo. Certainly worth it imho.
But do they really need that extra dollar? They already pay less than a percent to artists. So why?
They also have staff that needs to maintain / improve the IT infrastructure. And those workers also need a salary raise to keep up with rising inflation.
Do you think the songs just magically appear on your device?
do you think most of the money doesn't go to shareholders?
Spotify has never paid a dividend, and a quick search points to that they have done a stock buyback once. I think it's quite safe to say that most of the money does not go to the shareholders.
Most of the money goes to the rights holders, which incidentally happen to be large shareholders in Spotify, but this claim is disingenious.
They did have $1B stock buyback in 2021. They don't pay dividends though.