Nigerian musicians have achieved a major financial breakthrough, earning more than ₦58 billion from streaming on Spotify in 2024. This figure, revealed in Spotify’s 2024 Loud & Clear report, shows a massive increase in revenue for Nigerian artists, doubling their earnings from 2023 and reaching five times the amount recorded in 2022.
The report also highlights that the number of Nigerian artists earning over ₦10 million in royalties has more than doubled since last year and tripled compared to 2022. This growth demonstrates Nigeria’s expanding influence in the global music industry.
Spotify Backs Nigerian Artists
Jocelyne Muhutu-Remy, Spotify’s Managing Director for Sub-Saharan Africa, emphasized the company’s commitment to supporting Nigerian talent.
“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,” Muhutu-Remy said.
The report revealed key financial insights, including:
- Over 1 billion first-time discoveries of Nigerian artists by listeners worldwide.
- More than 1,900 Nigerian artists featured on Spotify editorial playlists, a 33% increase from 2023.
- A large portion of the ₦58 billion earned came from international listeners.
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Nigerian Music’s Global Impact
Nigerian music is not only thriving financially but also expanding its global reach. According to the report:
- Nigerian artists were streamed for over 1.1 million hours globally in 2024.
- Listeners created approximately 250 million playlists featuring Nigerian musicians.
- The export of Nigerian music has grown by 49% in the past three years.
- Domestic streaming of Nigerian songs increased by 206% year-over-year and by 782% over the past three years.
With these impressive statistics, Nigeria’s music industry continues to break boundaries. As artists gain international recognition and revenue streams grow, the future looks bright for the country’s thriving music scene.