Spotify revealed that in 2024, Nigerian Music earned more than N58 billion in revenue for the first time. The question is how can artists achieve this?
Spotify confirmed in an exclusive report that artist royalties exceeded N58 billion in 2024 in Nigerian music history, and the revealed figures proved to be twice the total revenue in 2023 and four times the revenue in 2022, indicating much-needed growth in the industry.
It also revealed that the number of artists who generated N10 million from Spotify also doubled the number of artists who achieved this feat in 2023.
Spotify confirmed that this revenue was generated by increasing Nigerian music, a large number of playlists included, and a large number of export growth.
Spotify’s Managing Director of Sub-Saharan Africa revealed that in this Jocelyne Muhutu-remy, “We remain committed to empowering Nigerian artists to make money from art while maintaining transparency with artists and stakeholders. The incredible growth of Nigerian music locally and globally demonstrates the talent and creativity within Nigeria and we are proud to support its continued rise.”
Key financial priorities for 2024 report
- Nigerian artists have been spotted by first-time audiences on Spotify in 2024
- Added over 1,900 Nigerian artists to edit playlists with Spotify, up 33% from 2023
- A large portion of the 58 billion royalties won by Nigerian artists come from listeners outside Nigeria
How influential is Nigerian music globally?
- Nigerian artists whose audiences spend an average of over 1.1 million hours
- Users have created approximately 250 million playlists, created by Nigerian artists around the world
- Nigerian artists’ exports rose 49% over the past three years
- Local consumption of Nigerian content increased by 206% year-on-year, up 782% over the past three years
Delete from notjustok by x and Facebook
