It’s Naira rain for Nigerian musicians, as royalties generated by artistes like Davido, Wizkid, Burna Boy, Tems and Ayra Star among others on Spotify in 2024 exceeded ₦58 billion – more than double the figure from 2023 and five times greater than that of 2022.
According to Spotify’s 2024 Loud & Clear report released yesterday (Thursday), the number of Nigerian artistes generating ₦10 million in royalties from Spotify has more than doubled since 2023 and more than tripled compared to 2022 figures, underscoring the explosive commercial growth of Nigerian music globally.
“We remain committed to empowering Nigerian artists to earn from their art whilst maintaining transparency with artists and stakeholders,” says Jocelyne Muhutu-Remy, Spotify’s Sub-Saharan Africa Managing Director. “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.”
Key highlights of the report are that in 2024, first-time listeners discovered Nigerian artistes by over a billion times on Spotify. Also, more than 1,900 Nigerian artistes were added to Spotify editorial playlists – 33% more than in 2023. Additionally, a significant portion of the ₦58 billion in royalties earned by Nigerian artistes came from listeners outside Nigeria.
The report also highlights the broader cultural impact of Nigerian music. This includes the fact that global listeners on average spend over 1.1 million hours streaming Nigerian artistes. Also, users have created approximately 250 million playlists featuring Nigerian artistes worldwide. While Nigerian artistes have seen a 49% export growth over the past three years, local consumption of Nigerian content has grown 206% year-over-year, with a remarkable 782% increase over the past three years.
This unprecedented financial success reflects the dynamic creativity emerging from the Nigerian music scene, signaling Spotify’s ongoing commitment to supporting artistic talent across the region.