Nigerian artists earned over N58 billion in royalties from Spotify in 2024, greater than doubling the figures from 2023 and marking a fivefold improve in comparison with 2022.
That is in response to info revealed within the firm’s 2024 Loud & Clear report.
“Nigerian music has reached a monumental monetary milestone, with royalties generated by Nigerian artists on Spotify alone exceeding N58 billion in 2024, greater than double the determine from 2023 and 5 occasions higher than 2022. This staggering determine headlines Spotify’s 2024 Loud & Clear report launched in the present day,” the report said.
Spotify’s Sub-Saharan Africa Managing Director, Jocelyne Muhutu-Remy, emphasised the corporate’s dedication to empowering Nigerian artists and making certain transparency.
“We stay dedicated to empowering Nigerian artists to earn from their artwork while sustaining transparency with artists and stakeholders. The unbelievable progress of Nigerian music, each regionally and globally, is a testomony to the expertise and creativity inside Nigeria, and we’re proud to help its continued rise,” she said.
Surge in royalties for Nigerian Artists
The report highlights the fast progress of Nigerian music within the international market. Spotify reveals that the variety of Nigerian artists incomes not less than N10 million in royalties from the platform has greater than doubled since 2023 and tripled in comparison with 2022 figures. This surge displays the rising worldwide demand for Nigerian music.
Monetary Highlights from the 2024 Report
- Spotify’s report additionally reveals that Nigerian artists have been found by first-time listeners over one billion occasions in 2024, demonstrating the growing attain of the nation’s music.
- Greater than 1,900 Nigerian artists have been added to Spotify’s editorial playlists, representing a 33 p.c improve in comparison with 2023.
- A considerable portion of the N58 billion in royalties got here from worldwide listeners, reinforcing the worldwide attraction of Nigerian music.
Extra insights
Moreover, international listeners spent over 1.1 million hours streaming Nigerian artists, reflecting the rising consumption of Nigerian sounds worldwide. Customers created roughly 250 million playlists that function Nigerian artists, exhibiting the in depth integration of the nation’s music into on a regular basis listening habits.
Over the previous three years, Nigerian artists have skilled a 49% progress in worldwide publicity, whereas native consumption has surged by 206% year-over-year.
In a broader context, Nigerian music has seen an astonishing 782% improve in home consumption during the last three years. This unprecedented success highlights the dynamic evolution of Nigeria’s music business and reinforces Spotify’s ongoing funding in Nigerian creative expertise.
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