Nigerian music has reached a monumental financial milestone, with royalties generated by Nigerian artists on Spotify alone exceeding ₦58 billion in 2024.
This staggering figure is more than double that of 2023 and five times greater than 2022 in what captures the impressive growth of Nigerian music.
This staggering figure headlines Spotify’s 2024 Loud & Clear report that revealed the platform paid out 10 billion USB in royalties in 2024 which marks a remarkable 100% increase from its pay out 10 years ago.
The report also reveals that the number of Nigerian artists generating ₦10 million in royalties from Spotify has more than doubled since 2023 and more than tripled compared to 2022 figures, underscoring the explosive commercial growth of Nigerian music globally.
“We remain committed to empowering Nigerian artists to earn from their art whilst maintaining transparency with artists and stakeholders,” says Jocelyne Muhutu-Remy, Spotify’s Sub-Saharan Africa Managing Director.
“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.”Nigerian music has reached a monumental financial milestone, with royalties generated by Nigerian artists on Spotify alone exceeding ₦58 billion in 2024.
This staggering figure is more than double that of 2023 and five times greater than 2022 in what captures the impressive growth of Nigerian music.
This staggering figure headlines Spotify’s 2024 Loud & Clear report that revealed the platform paid out 10 billion USB in royalties in 2024 which marks a remarkable 100% increase from its pay out 10 years ago.
The report also reveals that the number of Nigerian artists generating ₦10 million in royalties from Spotify has more than doubled since 2023 and more than tripled compared to 2022 figures, underscoring the explosive commercial growth of Nigerian music globally.
“We remain committed to empowering Nigerian artists to earn from their art whilst maintaining transparency with artists and stakeholders,” says Jocelyne Muhutu-Remy, Spotify’s Sub-Saharan Africa Managing Director.
“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.”
Key Financial Highlights from the 2024 Report:
- Nigerian artists were discovered by first-time listeners over 1 billion times on Spotify in 2024
- More than 1,900 Nigerian artists were added to Spotify editorial playlists—33% more than in 2023
- A significant portion of the ₦58 billion in royalties earned by Nigerian artists came from listeners outside Nigeria.
The fact that a significant portion of the streaming revenue generated by Nigerian artists is from listeners outside the country captures the global spread of Nigerian music.
It also a reminder that Nigeria needs to do more in terms of internet infrastructure and a stronger economy to increase the country’s streaming capacity.
The report also highlights the broader cultural impact of Nigerian music.
- Global listeners on average spend over 1.1 million hours streaming Nigerian artists
- Users have created approximately 250 million playlists featuring Nigerian artists worldwide
- Nigerian artists have seen a 49% export growth over the past three years
- Local consumption of Nigerian content has grown 206% year-over-year, with a remarkable 782% increase over the past three years
(Pulse)
