By Oyinkansayo Wole-Bodunde.
Nigerian music has achieved unprecedented financial success, with Spotify royalties surpassing ₦58 billion in 2024.
This remarkable figure represents a significant increase from the previous year’s total, more than doubling the 2023 figure and quintupling the 2022 amount.
The report reveals a substantial growth in the number of Nigerian artists earning ₦10 million or more in royalties from Spotify, with this figure more than doubling since 2023 and tripling compared to 2022. This commercial growth shows the increasing global popularity of Nigerian music.
Jocelyne Muhutu-Remy, Spotify’s Sub-Saharan Africa Managing Director, emphasized the platform’s commitment to empowering Nigerian artists. “We remain committed to empowering Nigerian artists to earn from their art whilst maintaining transparency with artists and stakeholders,” she stated.
The 2024 report provides key financial insights, including:
– Nigerian artists gained over 1 billion new listeners on Spotify in 2024.
– More than 1,900 Nigerian artists were featured on Spotify editorial playlists, a 33% increase from 2023.
– A significant portion of the ₦58 billion in royalties earned by Nigerian artists came from international listeners.
The report also shows the broader cultural impact of Nigerian music, with notable trends including:
– Global listeners spending over 1.1 million hours streaming Nigerian artists.
– Users creating approximately 250 million playlists featuring Nigerian artists worldwide.
– Nigerian artists experiencing a 49% export growth over the past three years.
– Local consumption of Nigerian content growing 206% year-over-year, with a remarkable 782% increase over the past three years.
Muhutu-Remy acknowledged the dynamic creativity emerging from Nigeria’s music scene and Spotify’s ongoing commitment to supporting artistic talent across the region. “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.”
