If you're a singer who's selling millions of records and earning millions and millions more, why settle for a meager $500,000 on annual payout with Spotify?

Taylor Swift, who had her record catalog pulled from Spotify recently, explained that she doesn't want to give her life work to something that doesn't give her its full value.

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And records can tell...Taylor Swift has been paid less than $500,000 in the past 12 months for domestic streaming of her songs, Scott Borchetta, CEO of Nashville-based Big Machine, which handles her record label, revealed on Time Wednesday.

This statement serves as a blow to Spotify, when an upset CEO, Daniel Ek, claimed the country-turned-pop singer could earn as much as $6 million a year with Spotify.

The disagreement and Swift's decision to back out from Spotify has already reverberated throughout the music industry, prompting some artists to consider pulling out their work, as well.

Borchetta revealed that Swift specifically earned $496,044 from the video streaming site, which is considerably lower than the amount suggested by Spotify.

Borchetta added that his label has made more money from streaming Swift's videos on Vevo than what they earned from Spotify.

Meanwhile, a Spotify spokesperson countered Borchetta's claim. The singer in fact earned $2 million globally.

"The more we grow, the more we pay artists, and we're growing like crazy," Jonathan Prince, Spotify's global communications and public policy head said.

"Our users, both free and paid, have grown by more than 50 percent in the last year, which means that the run rate for artists of every level of popularity keeps climbing. And Taylor just put out a great record, so her popularity has grown too. We paid Taylor's label and publisher roughly half a million dollars in the month before she took her catalog down-without even having 1989 on our service-and that was only going to go up," he explained.

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