Spotify CEO Daniel Ek announced at a tech event in Los Angeles yesterday that his company is expected to pay rights holders (music labels, predominantly) $500 million this year. According to Billboard, that amount is equal to how much Spotify had paid out in total since launching in 2008. That's huge.

For comparison's sake, fellow streaming service Pandora paid a total of $230 million to right holders in its four quarters ending October 2012. As for VEVO, it has paid out $200 million total since the video site launched in 2009.

Also at the event, Rob Wellspresident of global digital business at Universal Music Group, acknowledged that Spotify is a "substantial" revenue source for the massive record company.

[via Billboard]