"It's a big day for Facebook, it's a big day for Spotify, and it's a big day for everybody who loves music," said Daniel Ek, founder of Spotify, at the f8 conference in San Fransisco, on Thursday. But is it a big day for artists? "Spotify was created with probably the best of intentions, even if that was to build a valuable sale exit strategy, but has spread the fear into everybody," says one indie label representative. "Initially the story was that it would generate as much income as iTunes for artists. It's not. It is building but slowly. Accounting is dreadful. A lot of labels can't account properly because they don't have systems that can deal with sales with more than two decimal places. Spotify roughly pays £0.0041 per stream, which means 1m streams equal £4,100 to labels. They then pay on average, across all artists, 8%. So the artist receives £330 per million streams. That's if they get accounted to. Very rough."