Spotify 2nd Largest Revenue Source For Labels in Europe

Recent IFPI report on digital music reveals the size of Spotify in Europe and how much money it's actually churning for the record labels. The report also stated that on a European level, Spotify is the second single largest source of digital music revenue for record labels. This means that 2010 saw dramatic increase in its usage as well as payouts to record labels and artists themselves.

The report states that digital music revenues grew by 20 percent in Europe in 2010. Record labels still rely heavily on sale of physical music, CDs etc. and in total digital music only accounted for about 20% of music sales in 2010...