I make about $4,000 per million streams on Spotify for the tracks I’ve released independently. For label releases I make less, but the label promotes them so that sometimes results in more net revenue. I have a bit over 10M Spotify streams over the last 3 years.

Also, Spotify promotes my music via editorial playlists and algorithmic (eg Radio or Discover Weekly), so I’m probably making a lot more total revenue than I would have on iTunes.