Spotify announced Monday that it will release a hi-fi option later this year, and paid $5 billion in royalties in 2020.

As part of a long presentation called “Stream On,” Spotify announced that it will be introducing a hi-fi option later this year, among other benefits for fans and creators. CEO and co-founder Daniel Ek also said the company paid out $5 billion in royalties in 2020 and chief content officer Dawn Ostroff announced that over the last four years, the number of recording artists whose catalogs generated more than $1 million a year across recording and publishing is up over 82% to more than 800 artists, and the number generating more than $100,000 a year is up 79% to more than 7,500 artists.

Source: Spotify to Launch HiFi Option, Paid $5 Billion in Royalties in 2020 – Variety