Spotify says the Nigerian music industry has reached a monumental financial milestone with royalties generated by its artistes.
In the Loud and Clear report released by Spotify, Nigerian artistes got royalties worth over N58 billion in 2024 — double the figure of 2023 and five times greater than that of 2022.
The streaming platform disclosed that the number of artistes who generated N10 million in royalties have doubled and tripled since 2023 and 2022 respectively.
The report said Nigerian artistes were discovered by first-time listeners over one billion times in 2024 on Spotify.
It added that more than 1900 artistes were added to Spotify editorial playlists, and a significant portion of their royalties came from listeners outside Nigeria.
This, according to Spotify, underscores the explosive commercial growth of Nigerian music globally, with artistes experiencing a 49% export growth in over three years.
The report said an average of 1.1 million hours is spent by global listeners streaming Nigerian artists, and approximately 250 million playlists have been created featuring Nigerian artists worldwide.
Jocelyne Muhutu-Remy, Spotify’s Sub-Saharan Africa managing director, spoke about the firm’s commitment to the empowerment and growth of Nigerian artistes.
“We remain committed to empowering Nigerian artists to earn from their art whilst maintaining transparency with artists and stakeholders,” she 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.
Last year, Spotify revealed that Nigerian artistes generated N25 billion in revenues from its streaming platform in 2023.
The 2024 figure is a N33 billion (132%) increase compared to 2023.
In 2022, N11 billion was generated in royalties by Nigerian artistes on Spotify.