Spotify Is Now The Second Biggest Source Of Revenue For Labels

From Business Insider:

Spotify is now the No. 2 revenue source for the major music labels, a source close to the company tells us.

Spotify is an on-demand music service. There are free and subscription options. 23 million people used the service last month, according to AppData.

The No. 1 revenue source for labels is Apple’s iTunes.

iTunes paid approximately $3.2 billion to record labels in 2011, Business Insider Intelligence estimates.
The gap between Apple and Spotify remains extremely large, our source tells us.

“iTunes is way up here,” our source said, gesturing up high, “and everyone else is way down here.”

Continue reading the rest of the story on Business Insider