Some artists say they’re not earning enough from music streaming. But streaming companies like Deezer, Spotify and Napster are still making a loss. How much do the streaming apps pay the music industry? Can musicians really even simply earn a minimum wage anyway?

Spotify Billionaires

As Spotify prepares to float itself on the stock market with a valuation of between $6-$20 billion, who will be receiving a slice of the cash?

Spotify are only required to divulge shareholders owning more than 5%. So here are our best estimates and guesses on the breakdown, according from official stock market filings and other sources.

Between them, the big four record-companies may own as much as 16% of Spotify, which could mean a windfall payout of up to $650 million.



Related: How $1 Flows From Spotify to Recording Artists, from the New York Times.

Which they will no doubt immediately share with all the musicians and artists who have made Spotify such a desirable platform, right?

» See the data