Spotify, a leading digital music, podcast, and video streaming service, has revealed the royalties earned by Nigerian artistes on its platform in 2024, showcasing a significant rise in the success of Nigerian music.
The data was shared during Spotify’s 2024 Loud & Clear announcement event held Thursday in Lagos.
According to Spotify, Nigerian artistes earned over N58 billion in royalties in 2024—more than double the amount earned in 2023 and five times higher than in 2022. The platform also reported a notable increase in the number of artistes earning at least N10 million in royalties, with the figure doubling compared to 2023 and tripling from 2022.
Spotify highlighted that first-time listeners discovered Nigerian artistes more than one billion times on the streaming service. Additionally, more than 1,900 Nigerian artistes were added to Spotify’s editorial playlists, representing a 33 percent increase from 2023.
A significant portion of the N58 billion in royalties earned by Nigerian artistes came from listeners outside Nigeria. The platform emphasized the global cultural influence of Nigerian music, revealing that international listeners spent over 1.1 million hours streaming songs by Nigerian artistes. It was also noted that users created approximately 250 million playlists featuring Nigerian artistes worldwide.
“Nigerian artistes have seen a 49 percent export growth over the past three years. Local consumption of Nigerian content has grown 206 percent year-over-year, with a remarkable 782 percent increase over the past three years,” the report stated.
Spotify attributed this financial success to increased global recognition, prominent playlist placements, and a substantial growth in music exports, further solidifying Nigeria’s rising influence as a global music powerhouse.
Jocelyne Muhutu-Remy, Spotify’s Managing Director for Sub-Saharan Africa, emphasized the significance of this achievement. “We remain committed to empowering Nigerian artists to earn from their art whilst maintaining transparency with artists and stakeholders,” he said. “The incredible growth of Nigerian music, both locally and globally, is a testament to the talent and creativity within Nigeria, and we are proud to support its continued rise.”
Source: Linda Ikeji Blog