Nigerian musicians have experienced a shift in their fortunes on the global streaming platform Spotify with revenue surging by a 2,500% over the past seven years.
This meteoric rise shows the growing importance of digital platforms in propelling the country’s vibrant music industry onto the international stage.
According to Spotify’s annual report titled “Loud & Clear,” Nigerian artists collectively earned N25 billion from the platform in 2023 alone.
This figure represents a doubling of earnings compared to the previous year and a jaw-dropping increase of 2,500% since 2017.
The report further highlights the widening reach and impact of Nigerian music, revealing that more artists than ever before are now reaping rewards from their streaming activity.
In 2023, three times as many Nigerian artists earned over N10 million compared to 2018, reflecting the growing appetite for Nigerian music both at home and abroad.
Jocelyne Muhutu-Remy, Spotify’s managing director for Sub-Saharan Africa, hailed the growth in royalties earned by Nigerian artists on the platform as a testament to their talent, creativity, and global appeal.
She emphasized Spotify’s commitment to supporting African creators and pledged to continue investing in Nigerian artists to sustain this momentum.
Despite these gains, Nigerian artists’ earnings on Spotify still represent only a fraction of the platform’s total payout.
In 2023, Spotify paid out $9 billion in royalties globally with Nigerian artists accounting for a modest share of approximately $28.65 million.
A recent analysis revealed that South Africa remains the dominant force in Africa’s music streaming landscape, commanding a substantial portion of the region’s total music revenue.
However, Nigeria’s rapid ascent signals a shifting dynamic with the country’s music industry poised for even greater prominence on the global stage.
The International Federation of the Phonographic Industry (IFPI) corroborated this trend in its 2024 report, identifying the Sub-Saharan African market as the world’s fastest-growing music revenue market.
The report attributed this growth to the surge in paid streaming services, which contributed significantly to the region’s overall music revenue.