Nigerian artists earned over ₦58 billion in royalties from Spotify alone in 2024, according to the latest Spotify Loud & Clear report.
The report revealed that earnings from the streaming platform doubled compared to 2023 and were five times higher than in 2022.
The report also highlighted a sharp rise in the number of Nigerian artists earning over ₦10 million from the platform, with the figure more than doubling from 2023 and tripling from 2022.
This growth underscores Nigeria’s expanding footprint in the international music market, fueled by the increasing demand for Afrobeats and other homegrown genres.
Global Reach Drives Revenue Growth
According to Spotify’s Managing Director for Sub-Saharan Africa, Jocelyne Muhutu-Remy, the streaming giant remains committed to empowering Nigerian artists and ensuring transparency in earnings.
“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 data from the 2024 report indicates that:
- Over 1 billion first-time discoveries of Nigerian artists were made by listeners worldwide.
- More than 1,900 Nigerian artists were featured in Spotify’s editorial playlists, a 33% increase from 2023.
- A significant portion of the ₦58bn earnings came from international listeners, highlighting the global appeal of Nigerian music.
Nigerian Music’s Rapid Expansion
Beyond financial success, the global reach of Nigerian music continues to expand at an unprecedented pace.
- Global audiences streamed Nigerian artists for over 1.1 million hours in 2024.
- Listeners created approximately 250 million playlists featuring Nigerian music.
- The export of Nigerian music grew by 49% over the past three years.
- Domestic streaming of Nigerian content surged by 206% year-over-year, with an extraordinary 782% growth in the past three years.
The rising international recognition of Nigerian artists has played a critical role in attracting new audiences and boosting earnings.
The Spotify report underscores how streaming technology has transformed the music business, enabling Nigerian artists to monetize their craft on a larger scale than ever before.
As the industry continues to break new barriers, experts predict even greater financial success for Nigerian musicians, with streaming platforms playing an increasingly vital role in shaping the future of African music on the global stage.
