Spotify's royalty system overhaul and the changes it brings to the music streaming industry. Here are 10 things you should know about the new system:
1. More transparency: With the new system, artists now receive a better understanding of their revenue distribution. This makes it easier for them to manage their careers and collaborate with other artists more effectively.
2. Faster settlements: Now, artists will receive their royalties in around five business days, instead of the previous two. This has been brought in to make sure that they receive their money faster and in a more consistent manner.
3. New reporting options: Artists can now access more detailed reporting options, allowing them to track their revenue streams and see how their music is being used across various platforms.
4. Dynamic pricing tiers: Spotify has introduced new pricing tiers to better cater to different types of users. This includes a free tier with ad-supported listening, as well as premium tiers with no ad interruptions.
5. Improved user experience: The new royalty system has been designed to improve the overall user experience on Spotify. This includes a more seamless listening experience, without interruptions, and the option to listen to songs without signing up for a premium subscription.
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