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Spotify has guaranteed to pay big music labels billions over the next two years

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Photograph by Stuart Isett/Fortune Brainstorm TECH on Flickr under the Creative Commons License

Recode reports: “Spotify’s revenue grew more than 50 percent, to $3.3 billion last year. And in order to grow more, the music streaming company will pay music labels billions of dollars over the next two years. In financial filings released this morning, Spotify says it has agreed to pay more than $2 billion in minimum payments to record labels over the next two years. Spotify doesn’t spell out who that money is going to.”

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