June 14, 2024

TuneCore reaches the milestone of $4bn payouts to artists

Believe’s DIY distribution arm TuneCore announced a big milestone yesterday: more than $4bn of payouts to artists since its launch in 2006. The news comes almost exactly 18 months after the company passed $3bn of lifetime payouts, meaning that its average monthly payout has been around $55.6m over that period.

Alongside the payouts news, TuneCore stressed its international growth. 77% of new artists and labels joining its platform in 2024 are from outside the US, while India is one of its top three markets now.

Midia Research recently estimated that ‘artists direct’ revenue – artists self-releasing through distributors including TuneCore – totalled $1.8bn in 2023. The company is thus accounting for a decent chunk of that market.

At this point, we’d be tempted to say ‘it’s a good time to be shouting about your stats as an independent distributor, given that WMG is looking to acquire one’. But of course, the reason it’s shopping around is because a mooted offer for TuneCore’s parent company Believe came to nothing recently. It wouldn’t come back for just TuneCore… would it?

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