Spotify launches beta feature allowing artists to directly upload their music
Spotify has updated its Spotify for Artists program, launching a beta feature that allows artists to upload music to the service directly without going through a label company or distributor. The feature is only available by invitation to a few hundred U.S.-based artists at the moment, but the company SPOT, +0.67% said in a Thursday blog post that it is "excited to bring upload to even more artists, labels, and teams in the future." The upload feature is free, and the company will not charge fees or commissions "no matter how frequently you release music," Spotify said. The new feature will be "just like releasing through any other partner," the company added. "You’ll get paid when fans stream your music on Spotify. Your recording royalties will hit your bank account automatically each month, and you’ll see a clear report of how much your streams are earning right next to the other insights you already get from Spotify for Artists." Spotify shares have gained 15% since its IPO in April, and the S&P 500 SPX, +0.83% has gained 9.6%.
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