Wanted to jump in on this conversation and offer my 2 cents. I confess that I haven't read all the replies, so somebody may have already covered this, but a point to be made about the numbers the OP mentions, and how it relates to spotify/streaming income.

Keep in mind that a substantial portion of the monies you receive from Spotify are royalties due to you as a label/artist. The actual songwriting portion of that money is very small, something like 14x less than the label/artist portion. Obviously, if you write/perform/record/release your own stuff, you stand to make quite a bit more money than if you were relying on the songwriter portion of those payments alone.

That's why I'm of the opinion that guys like me who've made their living writing songs for other people to record are dinosaurs...the meteor has hit, and we're just wandering around waiting to become extinct -another reason why you see so many successful writer selling books, teaching classes, and shamefully even charging people a fee to allow them to co-write a song with them (some of my friends/peers are guilty as charged).

I fully endorse the notion of "keep it/sell it/own it". There are a lot of people out there making a living by selling "how-to" guides for a dream that doesn't really exist anymore. I'm glad I was around for "the good ol' days" of songwriting, but it's a whole new world now and it ain't going back.

I'll stop now, I'm sermonizing. Just thought I'd share my thoughts.

http://www.rogerbrownsongs.com
http://www.nashvillesongwriters.com/roger-brown