Nigerian music has achieved a remarkable financial milestone, with artists earning more than ₦58 billion in royalties from Spotify in 2024, according to the streaming platform’s annual Loud & Clear report. This figure represents a twofold increase from 2023 and is five times higher than earnings recorded in 2022. The report also reveals a significant rise in the number of Nigerian artists earning over ₦10 million in royalties, which has more than doubled since 2023 and tripled compared to 2022. These findings underscore Nigeria’s growing influence in the global music industry and the increasing monetization of its creative talent.
Spotify’s Commitment to Nigerian Artists
Jocelyne Muhutu-Remy, Spotify’s Sub-Saharan Africa Managing Director, highlighted the platform’s dedication to supporting Nigerian artists and fostering transparency in royalty payments.
“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 said.
Key Highlights from the 2024 Report
The Loud & Clear report provides a detailed breakdown of the financial and cultural impact of Nigerian music on Spotify in 2024:
- Royalty Earnings: Nigerian artists collectively earned over ₦58 billion, with a significant portion coming from international listeners.
- First-Time Discoveries: Nigerian artists were discovered for the first time by listeners worldwide over 1 billion times.
- Playlist Features: More than 1,900 Nigerian artists were featured in Spotify editorial playlists, marking a 33% increase from 2023.
- Global Streaming: Nigerian music was streamed for over 1.1 million hours globally in 2024.
- Playlist Creation: Listeners created approximately 250 million playlists featuring Nigerian artists.
- Music Export Growth: The export of Nigerian music grew by 49% over the past three years.
- Domestic Streaming: Domestic streaming of Nigerian content surged by 206% year-over-year, with a staggering 782% growth over the past three years.
The Global Impact of Nigerian Music
Nigerian music continues to resonate with audiences worldwide, solidifying its position as a major force in the global music industry. The report highlights the increasing popularity of Afrobeats, Afro-fusion, and other Nigerian genres, which have become staples in international playlists and charts.
The growth in royalty earnings and streaming numbers reflects not only the talent of Nigerian artists but also the strategic role of platforms like Spotify in amplifying African music. By providing a global stage for Nigerian artists, Spotify has enabled them to reach new audiences and monetize their creativity effectively.
Implications for Nigeria’s Music Industry
The financial success of Nigerian artists on Spotify has far-reaching implications for the country’s music industry. It demonstrates the potential for creative industries to contribute significantly to Nigeria’s economy, providing livelihoods for thousands of artists, producers, and other stakeholders.
Moreover, the report underscores the importance of digital platforms in bridging the gap between African artists and global audiences. As streaming continues to grow, Nigerian artists are well-positioned to dominate the international music scene, further cementing the country’s reputation as a cultural powerhouse.
The 2024 Loud & Clear report highlights the extraordinary achievements of Nigerian artists on Spotify, with over ₦58 billion earned in royalties and unprecedented growth in global streaming. This success story is a testament to the talent, creativity, and resilience of Nigerian musicians, as well as the transformative role of digital platforms in the music industry.
As Nigerian music continues to break boundaries and captivate audiences worldwide, the future looks even brighter for the country’s vibrant and dynamic music scene. With platforms like Spotify championing African talent, Nigerian artists are poised to achieve even greater heights in the years to come.
