Spotify, an American leading online music streaming platform, on Thursday announced that Nigerian Afrobeat musicians earned N11 billion in revenue in 2022.
In the year under review, the Nigerian music industry experienced an impressive 63% surge in revenue, with Spotify playing a significant role by witnessing a remarkable 74% increase in its own revenue.
The number of Nigerian artists who earned royalties of more than N5 million and N10 million solely from Spotify saw a 25% increase in 2022.
It’s important to emphasize that these figures exclusively reflect income generated from Spotify and do not encompass earnings from other platforms, live performances, merchandise, or other revenue streams.
In a statement, Spotify’s Managing Director for Sub-Saharan Africa, Jocelyne Muhutu-Remy, said, “Our commitment at Spotify is to ensure that professional musicians make a living from their work.
“Releasing the revenues generated by Nigerian artists in 2022 on our platform is our way of keeping ourselves accountable, and keeping true to our mission to enable artists to live off their art.”
The firm highlighted the rise in Afrobeats and noted that this cross-border growth has not only impacted music but has been a vehicle for food, dance, and language export.
It added, “Some of the top cities, outside of Lagos, where Afrobeats is getting the most streams are London, Paris, Abuja, Nairobi, Amsterdam, and Accra.”