Spotify is standing up to criticism from Thom Yorke and Nigel Godrich, who claim Spotify is “bad for new music.”

In a statement made to Music Week, the music streaming service said its goal is “to grow a service which people love, ultimately want to pay for and which will provide the financial support to the music industry necessary to invest in new talent and music.

“We’ve already paid $500 million to rights holders so far, and by the end of 2013, this number will reach $1 billion. Much of this money is being invested in nurturing new talent and producing great, new music,” Spotify said. “We’re 100 percent committed to making Spotify the most artist-friendly music service possible and are constantly talking to artists and managers about how Spotify can help build their careers.”

Yorke and Godrich removed their recent Atoms for Peace album Amok from the service, and Godrich attacked Spotify on Twitter over the weekend.

“The music industry is being taken over by the back door, and if we don’t try and make it fair for new music producers and artists, then the art will suffer,” Godrich wrote. “These are all the same old industry bods trying to get a stranglehold on the delivery system.”

As for the issue of new bands, new music and the difficulty of generating revenue on Spotify, Godrich had this to say: “If people had been listening to Spotify instead of buying records in 1973, I doubt very much if [Pink Floyd’s] Dark Side [of the Moon] would have been made. It would just be too expensive.”