Major music publisher Kobalt Music Publishing has reported that European royalties generated from Spotify have exceeded those from iTunes for its artists for the first time in history.
Kobalt, who represent 4000 artists including the likes of Tiësto, Toro Y Moi and LMFAO, say that revenues from Spotify streams in Q1 this year were 13% higher than those from iTunes.
In the corresponding quarter last year, iTunes revenues were 32% higher than those from Spotify in 2013. Although Kobalt is only one of many publishers, it’s a significant development – and similar announcements should be expected to follow from other major players in the near future.