Nigerian artists earned over N58 billion in royalties from Spotify in 2024, more than doubling the figures from 2023 and marking a fivefold increase compared to 2022.
This is according to information revealed in the company’s 2024 Loud & Clear report.
“Nigerian music has reached a monumental financial milestone, with royalties generated by Nigerian artists on Spotify alone exceeding N58 billion in 2024, more than double the figure from 2023 and five times greater than 2022. This staggering figure headlines Spotify’s 2024 Loud & Clear report released today,” the report stated.
Spotify’s Sub-Saharan Africa Managing Director, Jocelyne Muhutu-Remy, emphasized the company’s commitment to empowering Nigerian artists and ensuring transparency.
“We remain committed to empowering Nigerian artists to earn from their art whilst maintaining transparency with artists and stakeholders. 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,” she stated.
Surge in royalties for Nigerian Artists
The report highlights the rapid growth of Nigerian music in the global market. Spotify reveals that the number of Nigerian artists earning at least N10 million in royalties from the platform has more than doubled since 2023 and tripled compared to 2022 figures. This surge reflects the growing international demand for Nigerian music.
Financial Highlights from the 2024 Report
- Spotify’s report also reveals that Nigerian artists were discovered by first-time listeners over one billion times in 2024, demonstrating the increasing reach of the country’s music.
- More than 1,900 Nigerian artists were added to Spotify’s editorial playlists, representing a 33 percent increase compared to 2023.
- A substantial portion of the N58 billion in royalties came from international listeners, reinforcing the global appeal of Nigerian music.
More insights
Additionally, global listeners spent over 1.1 million hours streaming Nigerian artists, reflecting the growing consumption of Nigerian sounds worldwide. Users created approximately 250 million playlists that feature Nigerian artists, showing the extensive integration of the country’s music into everyday listening habits.
Over the past three years, Nigerian artists have experienced a 49% growth in international exposure, while local consumption has surged by 206% year-over-year.
In a broader context, Nigerian music has seen an astonishing 782% increase in domestic consumption over the last three years. This unprecedented success highlights the dynamic evolution of Nigeria’s music industry and reinforces Spotify’s ongoing investment in Nigerian artistic talent.
