Over N58 billion was paid to Nigerian artists by popular audio streaming platform, Spotify, in 2024, the company disclosed in a statement made available to Business Post on Thursday.
It was revealed that this monumental financial milestone recorded by Nigerian music last year doubled what was generated as royalties in the preceding year.
Also, the number of Nigerian artists generating N10 million in royalties from Spotify has more than doubled since 2023 and more than tripled the amount recorded in 2022, according to Spotify’s 2024 Loud & Clear report, underscoring the explosive commercial growth of Nigerian music globally.
In addition, this unprecedented financial success reflects the dynamic creativity emerging from Nigeria’s music scene and signals Spotify’s ongoing commitment to supporting artistic talent across the region.
The report also stated that Nigerian artists were discovered by first-time listeners over one billion times on Spotify in 2024, with over 1,900 Nigerian artists added to Spotify editorial playlists—33 per cent more than in 2023.
Further, a significant portion of the N58 billion in royalties earned by Nigerian artists came from listeners outside Nigeria, with global listeners on average spending more than 1.1 million hours streaming Nigerian artists.
It was observed that users have created approximately 250 million playlists featuring Nigerian artists worldwide as Nigerian artists have seen a 49 per cent export growth over the past three years amid a 206 per cent year-on-year growth in local consumption of Nigerian content and a remarkable 782 per cent increase over the past three years.
Commenting on this development, Spotify’s Sub-Saharan Africa Managing Director, Jocelyne Muhutu-Remy, said, “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.”