Nigerian Music Breaks Financial Records with Over ₦58 Billion Earned in 2024 Royalties from Spotify
In a remarkable achievement, Nigerian artists have collectively earned more than ₦58 billion in royalties from Spotify in 2024, according to the platform’s recent Loud & Clear report. This milestone signifies a doubling of earnings compared to 2023 and is an impressive fivefold increase from the earnings recorded in 2022.
The report further illuminates the rising trend of financial success within the Nigerian music industry, noting a substantial increase in the number of artists earning over ₦10 million in royalties, which has more than doubled since last year and tripled when compared to 2022. This growth not only reflects the talent within Nigeria but also emphasizes the nation’s burgeoning presence in the global music market.
Jocelyne Muhutu-Remy, Spotify’s Managing Director for Sub-Saharan Africa, spoke about the report, underscoring the platform’s commitment to nurturing Nigerian artists: “We remain dedicated to empowering Nigerian artists to monetize their craft, while also ensuring transparency for artists and stakeholders. The extraordinary growth of Nigerian music, both in local and international contexts, demonstrates the creativity and talent thriving in Nigeria, and we take pride in supporting this ascent.”
Key Financial Insights from the 2024 Report:
- Nigerian artists gained over 1 billion first-time listeners globally.
- More than 1,900 Nigerian artists were featured in Spotify’s editorial playlists, reflecting a 33% rise from the previous year.
- A substantial share of the ₦58 billion earnings was attributed to international audiences.
Global Influence of Nigerian Music
In addition to its financial achievements, Nigerian music continues to gain significant traction worldwide:
- Global listeners streamed Nigerian artists for over 1.1 million hours throughout 2024.
- Approximately 250 million playlists were created featuring Nigerian artists.
- The international export of Nigerian music has seen a 49% growth over the past three years.
Furthermore, domestic streaming of Nigerian content skyrocketed with a year-over-year increase of 206%, and an astonishing 782% growth recorded over the past three years.
This impressive success narrative highlights the dynamic evolution of Nigeria’s music industry and Spotify’s pivotal role in showcasing African talent. As Nigerian artists continue to challenge borders and redefine music landscapes, the outlook for the nation’s vibrant music scene appears exceptionally bright.
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