Launched on Monday, the Spotify Artists website details the inner workings of the company's business model in the hope that its newfound transparency will entice new musicians and alleviate concerns about exactly where their burgeoning revenue streams are flowing.

Artists and managers are currently able register for the new service and, according to the company's website, access to the Artist Analytics dashboard is to be rolled out shortly. Artists will then have the ability to view data such as total plays, a single track's popularity and listener demographic information such as gender, location and age.

In addition, Spotify is looking to incorporate other traditional forms of artist revenue by enabling the promotion of merchandise and tour dates on artist profiles.

Prominent industry figures such as Thom Yorke and David Byrne have publicly decried the impact of streaming services on the music industry, claiming that it does more financial harm to emerging artists than good (in the form of added exposure).

The move therefore comes at an interesting juncture for Spotify, with the company looking to respond to increasing skepticism and refashion itself as a useful tool for new and established artists.

Spotify has committed itself to paying out almost 70 percent of its total royalty revenue, which, if its recent growth is any indication, could equate to considerable income for artists.

Indeed, alongside the launch of Spotify Artists, the company has revealed that total royalties paid out has just surpassed US$1 billion ($500 million of which was paid in 2013 alone).

Source: Spotify