In a landmark achievement for Nigeria’s music industry, artists have collectively earned over ₦58 billion in royalties from Spotify in 2024. This remarkable figure not only doubles the earnings from 2023 but also signifies a fivefold increase compared to 2022, highlighting the exponential growth and global reach of Nigerian music.
The 2024 Spotify Loud & Clear report reveals that the number of Nigerian artists generating over ₦10 million in royalties has more than doubled since 2023 and tripled compared to 2022. This surge underscores the burgeoning commercial success of Nigerian artists on international platforms.
Key Highlights from the 2024 Report:
Global Discovery: Nigerian artists were discovered by first-time listeners over 1 billion times on Spotify in 2024.
Editorial Playlisting: More than 1,900 Nigerian artists were featured in Spotify’s editorial playlists, marking a 33% increase from the previous year.
International Earnings: A significant portion of the ₦58 billion in royalties was generated from listeners outside Nigeria, reflecting the global appeal of Nigerian music.
Streaming Hours: Global audiences spent over 11 million hours streaming Nigerian artists, emphasizing the extensive reach and influence of their music.
Playlist Inclusion: Approximately 250 million playlists worldwide now feature Nigerian artists, showcasing their integration into diverse musical preferences.
Export Growth: There has been a 49% increase in the international consumption of Nigerian music over the past three years, indicating a growing global fan base.
Local Consumption: Within Nigeria, there has been a 206% year-over-year growth in streaming, with a staggering 782% increase over the past three years, reflecting a robust domestic appreciation for local artists.
Jocelyne Muhutu-Remy, Spotify’s Managing Director for Sub-Saharan Africa, commented on this achievement: “We remain committed to empowering Nigerian artists to earn from their art whilst maintaining transparency with artists 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.”
This unprecedented financial success not only reflects the dynamic creativity emerging from Nigeria’s music scene but also signals Spotify’s ongoing commitment to supporting artistic talent across the region.
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