> Spotify alone has more annual revenue than all the big music labels combined This is very much not the case. In fact Spotify’s revenue in its last full year

> Spotify alone has more annual revenue than all the big music labels combined This is very much not the case. In fact Spotify’s revenue in its last full year was less than half of the combined revenues of the three major record labels for a similar period. Spotify generated €11.7 billion in revenue in 2022, approx $12.9 billion. Universal Music Group generated €10.3 billion in revenue in 2022, approx $11.3 billion Warner Music Group generated $5.9 billion in their fiscal year ending Sep 30 2022 Sony Music generated ¥1.3 trillion (approx $10.1 billion) in their fiscal year ending March 2023. Total revenues of major labels: $27.3 billion. Spotify: https://s29.q4cdn.com/175625835/files/doc_financials/2022/q4/b283934e-7a7c-4da6-8749-856dfa4c36e6.pdf https://s29.q4cdn.com/175625835/files/doc_financials/2022/q4... UMG: https://www.universalmusic.com/universal-music-group-n-v-reports-financial-results-for-the-fourth-quarter-and-full-year-ended-december-31-2022/ https://www.universalmusic.com/universal-music-group-n-v-rep... WMG: https://investors.wmg.com/static-files/f35e3e8a-8ae2-4960-95f8-2aa7a378aa7b https://investors.wmg.com/static-files/f35e3e8a-8ae2-4960-95... Sony: https://www.sony.com/en/SonyInfo/IR/library/presen/er/pdf/22q4_sony.pdf https://www.sony.com/en/SonyInfo/IR/library/presen/er/pdf/22...