RouteNote artists have been verifying their pages on Spotify, but they didnt know why it was important so here is why!

Various things become available, including:

Discography + User Profile: Users are able to follow both artist (discography) pages and user profile. When you verify your profile you combine these two entities.
Badge: A small blue check mark goes next to your name, and a button appears that allows users to easily toggle back and forth between the discography and artist account.
Followers: After the pages are combined, your followers will be too (artist discography page + user profile followers).
Notifications: Anytime you release music or create a playlist on the service all the followers of the profile will be notified automatically.
Log In: You will still be able to log in and make playlists on the same account.

The experience is only different externally — as in users will see a different profile page. The playlist-creation and log in is exactly the same.