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Spotify Royalties for Nigerian artists alone worth over N25 billion in 2023

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Nigerians and other sub-Saharan African countries claim the world’s fastest music-rising market with an astounding 24.7% increase in revenue.

According to the IFPI’s 2024 report, a boom in paid streaming services drives the growth that contributes 24.5% of revenues.

With a population of approximately 230 million, Nigeria’s music industry is experiencing impressive growth in streaming.

Read also:Hike in Movie Ticket Prices Boosts Nigerian Cinema’s N2.25B Revenue in Q1 2024

Nigeria’s music scene is a force to consider, given that it hosts some of Africa’s most powerful artists.

Spotify is a path-breaker platform that lets music artists reach audiences outside borders while making a profit from their work.

To increase transparency in the music industry by sharing data on its royalties, Spotify published a Loud & Clear Annual Report.

The global streaming economy, the players, and the process are further analyzed here.

Spotify released data reports for Nigerian artists on the platform for two consecutive years.

Notably, Rema’s ‘Calm Down’ featuring Selena Gomez is the first Afrobeats song to reach a billion streams on Spotify.

Top Statistics from Spotify’s Loud & Clear Report on Nigerian Music Streaming

Nigerian artists earn N25 billion in Spotify Royalties in 2023, representing twice the revenue for 2022, and a 2500% increase from 2017.

Since 2018, Nigerian artists who earn more than N10 million worth of Spotify royalties have increased fourfold.

Independent artists and labels, showing the democratizing power of streaming, received more than 50% of these royalties.

Approximately 950 million Spotify listeners discovered Nigerian artists in 2023.

In 2023, Nigerian artists hold more than 80 % of the tracks that appear on Nigeria’s top 50 charts.

More than 1,400 Nigerian artists have joined Spotify’s editorial playlists in 2023.

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