Nigerian artistes generate N58bn revenue on Spotify in 2024
“Nigerian music has reached a monumental financial milestone..."
Spotify, an online music streaming platform says Nigerian artistes have generated more than N58 billion on its platform, in 2024.
Jocelyne Muhutu-Remy, Spotify’s Sub-Saharan Africa Managing Director disclosed this in a statement on Thursday, in Lagos.
Muhutu-Remy said this figure headlined Spotify’s 2024 Loud and Clear report released on Thursday.
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According to her, the report also revealed that the number of Nigerian artistes generating N10 million in royalties from Spotify has more than doubled since 2023 and more than tripled compared to 2022 figures.
She said this underscored the explosive commercial growth of Nigerian music globally.
“Nigerian music has reached a monumental financial milestone, with royalties generated by Nigerian artistes on Spotify alone exceeding N58 billion in 2024.
“This doubles the figure from 2023 and five times greater than 2022.
“We remain committed to empowering Nigerian artistes to earn from their art while maintaining transparency with artistes 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.
Muhutu-Remy noted that Nigerian artistes were discovered by first-time listeners over 1 billion times on Spotify in 2024.
She said more than 1,900 Nigerian artistes were added to Spotify editorial playlists, 33 per cent more than in 2023.
According to her, a significant portion of the N58 billion in royalties earned by Nigerian artistes came from listeners outside Nigeria.
“The report also highlights the broader cultural impact of Nigerian music. Global listeners on average spend over 1.1 million hours streaming Nigerian artistes
“Users have created approximately 250 million playlists featuring Nigerian artistes worldwide
“Nigerian artists have seen a 49 per cent export growth over the past three years.
“Local consumption of Nigerian content has grown 206 per cent year-over-year, with a remarkable 782 per cent increase over the past three years.
“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,” she said.
