Quick Summary: Nigerian artists earned an impressive ₦58 billion from Spotify in 2024, doubling their earnings from 2023. The number of artists making over ₦10 million has tripled since 2022. Global streams, playlist features, and music exports have surged. Spotify continues to support Nigeria’s thriving music scene.
Nigerian Music Achieves Major Financial Milestone
Nigerian artists have hit an extraordinary financial milestone, earning more than ₦58 billion in royalties from Spotify in 2024. This achievement underscores the growing global influence of Nigerian music and its increasing financial rewards.
Spotify’s 2024 Loud & Clear Report Highlights Growth
According to Spotify’s 2024 Loud & Clear report, this earnings figure represents a twofold increase from 2023 and is five times higher than in 2022. The rapid growth in streaming revenue signals a thriving industry that continues to expand its reach worldwide.
Rising Number of High-Earning Artists
The report also highlights a significant increase in the number of Nigerian artists earning over ₦10 million in royalties. Compared to 2023, this number has more than doubled and has tripled since 2022, reinforcing Nigeria’s strong presence in the global music scene.
Spotify’s Commitment to Nigerian Artists
Jocelyne Muhutu-Remy, Spotify’s Sub-Saharan Africa Managing Director, reaffirmed the platform’s dedication to supporting Nigerian musicians.
“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 Financial Highlights from the 2024 Report
- Over 1 billion first-time discoveries of Nigerian artists by listeners worldwide.
- More than 1,900 Nigerian artists featured in Spotify editorial playlists, reflecting a 33% increase from 2023.
- A significant portion of the ₦58 billion earned came from international listeners.
The Global Impact of Nigerian Music
Beyond financial success, Nigerian music is making waves on the global stage:
- Global audiences streamed Nigerian artists for over 1.1 million hours in 2024.
- Listeners created approximately 250 million playlists featuring Nigerian artists.
- A 49% increase in the export of Nigerian music over the past three years.
- Domestic streaming of Nigerian content increased 206% year-over-year, with an astounding 782% growth in the past three years.
The Future of Nigerian Music
The remarkable success of Nigerian artists highlights the country’s booming music industry and Spotify’s role in amplifying African talent. As more Nigerian musicians break international boundaries, the future looks even more promising for the vibrant music scene.
With streaming revenues soaring and global recognition growing, Nigerian music is set to reach even greater heights in the coming years.
