Nigerian musicians received over N58 billion streaming royalties in 2024 – Report

Spotify has announced a remarkable financial achievement for the Nigerian music industry, revealing that Nigerian artistes generated over N58 billion in royalties in 2024.

This marks a significant leap, with the figure doubling from 2023 and growing fivefold from 2022.

According to Spotify’s Loud and Clear report, the growth isn’t just in total royalties but also in the number of Nigerian artistes achieving major financial milestones. The report shows that the number of artistes earning over N10 million in royalties has doubled compared to 2023 and tripled since 2022.

In addition to the impressive financial gains, Spotify reported that Nigerian music reached new global heights in 2024, with Nigerian artistes being discovered by first-time listeners over one billion times on the platform. This surge in global interest underscores the increasing popularity of Nigerian music beyond borders.

Spotify also highlighted the rising presence of Nigerian artistes on its platform, noting that more than 1,900 Nigerian musicians were added to Spotify’s editorial playlists. A substantial portion of the royalties earned by these artistes came from listeners outside of Nigeria, further demonstrating the growing international appeal of Nigerian music.

The report also revealed that Nigerian music is enjoying exponential growth, with a 49% increase in global exports over the past three years. On average, listeners worldwide are streaming Nigerian artistes for 1.1 million hours, while approximately 250 million playlists featuring Nigerian artists have been created globally.

Jocelyne Muhutu-Remy, Spotify’s Managing Director for Sub-Saharan Africa, emphasized the company’s ongoing commitment to empowering Nigerian artistes. “We remain dedicated to helping Nigerian artists earn from their art while ensuring transparency with both artists and stakeholders,” she said. “The extraordinary rise of Nigerian music, both locally and globally, reflects the immense talent and creativity within Nigeria, and we are proud to support its continued ascent.”

In 2023, Nigerian artistes earned N25 billion in royalties on Spotify. The 2024 figure represents a staggering N33 billion increase, or a 132% growth compared to the previous year. Back in 2022, Nigerian artistes earned N11 billion in royalties.