Spotify, a leading digital music, podcast and video streaming service, revealed the royalties Nigerian artists received on their platform in 2024 and demonstrated a significant growth in Nigerian music success.
The data was shared during Spotify’s 2024 2024 loud announcement event held in Lagos on Thursday.
According to Spotify, Nigerian artists earned over 58 billion guild royalties in 2024, five times more than they received in 2023 than in 2022. The platform also reported a significant increase in earnings from the number compared to 2023, with the figure increasing by at least 10 million guilds, which is a 2023-fold increase, while the triple doubled.
Spotify stressed that for the first time listeners have found over a billion Nigerian artists in streaming services. In addition, over 1,900 Nigerian artists have been added to Spotify’s editorial playlist, up 33% from 2023.
A large portion of the 58 billion Nigerian artists earned in royalties comes from listeners outside Nigeria. The platform highlights the global cultural influence of Nigerian music, revealing the streaming songs of Nigerian artists who spent more than 1.1 million hours on international listeners. It also pointed out that users have created approximately 250 million playlists, including Nigerian artists worldwide.
“In the past three years, exports of Nigerian artists have increased by 49%. “Local consumption of Nigerian content has increased by 206% year-on-year and 782% over the past three years,” the report said. ”
Spotify attributes this financial success to global recognition, outstanding playlists and substantial growth in music exports, further strengthening Nigeria’s growing influence as a global music powerhouse.
Jocelyne Muhutu-Remy, managing director of Sub-Saharan Africa, stressed the importance of this achievement. “We remain committed to empowering Nigerian artists to make money from art while maintaining transparency with artists and stakeholders,” he said. “The incredible growth of Nigerian music locally and globally proves Nigeria’s talent and creativity and we are proud to support its continued rise.”
