Spotify’s Annual Report Reveals Nigerian Artists Earned Over ₦25 Billion in Royalties in 2023

Spotify’s latest Loud & Clear report focusing on Nigeria unveiled that Nigerian artists generated over ₦25 billion in royalties in 2023, a significant increase from the previous year. The report tends to increase transparency in the music industry by sharing data on its royalty payments and breaking down the global streaming economy, the players, and the process.

For the second year running, Spotify has shared data on earnings for Nigerian artists, highlighting a remarkable growth trajectory. In 2023, earnings more than doubled, surpassing ₦11 billion earned in 2022 and showing a staggering surge of 2,500% since 2017.

With its population exceeding 200 million and hosting some of Africa’s most influential artists, Nigeria continues to shape global music trends, notably with the ascent of Afrobeats.

It’s worth noting that Spotify is just one of the platforms contributing to artists’ revenue streams. Artists also earn from other platforms like YouTube, Apple, and Amazon Music.

According to Spotify’s findings, the number of Nigerian artists earning over ₦10 million in royalties has quadrupled since 2018, with over half of the royalties going to independent artists or labels.

Jocelyne Muhutu-Remy, Spotify’s Managing Director for Sub-Saharan Africa, commented on the report, emphasising the substantial growth in royalties earned by Nigerian artists.

She stated, “The significant growth in royalties earned by Nigerian artists on our platform is a powerful testament to their talent, creativity, and global appeal. We’re proud to amplify their voices and fuel the Nigerian music revolution. As a leader in the streaming economy, we’re committed to supporting African creators in making a living from their art, and we’ll continue to invest further in African artists to ensure this momentum continues.”

Read: Ric Hassani Signed to Sony Music

About The Author

Chinalurumogu Eze

subscriber

See author's posts