Nigeria’s music industry to hit $44m as artists streaming revenue soar
As technology continues to impact the music industry with easy access to music, Nigerian artists are earning streaming royalty through digital distribution platforms.
The industry has also gone from CD eras to streaming eras with streaming platforms such as Apple Music, Spotify, Audiomack, Youtube, and Boomplay.
Based on the study conducted by Statista in Nigeria revealed that the music sector’s revenue grew from 26 million US dollars in 2014 to 34 million dollars in 2018. This figure, according to the research and projection by Statista, is expected to grow to 44 million dollars by 2023.
The statistics from these studies reveal that the music industry possesses both the capacity to support millions of youths and generate considerable revenue for the economy.
This artist earns royalties, which refers to payments that are paid to recording artists, songwriters, composers, publishers, and other copyright holders for the right to use their intellectual property.
Here are the highest-earning Nigerian artists on Spotify, Apple Music, and Youtube
As for July 2022, Spotify’s highest most streamed artists are: Wizkid with 4.6 billion streamed, BurnaBoy with 3 billion, Ckay with 2 billion, Mr. Eazi with 1.4billion, and Davido with 1 billion based on Dataleum data.
According to a 2020 Business Insider report, artists earn as little as $0.0033 per stream which results in $3,300 per 1 million streamed.
Ayodeji Ibrahim Balogun, popularly known as Wizkid, is the most streamed artist on Spotify with over 4.6 billion streamed as of July 2022.
Based on BusinessDay calculation, $3,300 per 1million streams multiplied by $4,600 equals $15,180,000 million.
Damini Ebunoluwa Ogulu, professionally known as Burna Boy, is a Nigerian singer, songwriter, and record producer. With 3 billion streamed on Spotify using $3,300 per 1 million streams multiplied by $3,000 equals to$9,900,000 million.
Chukwuka Ekweani, better known by his stage name CKay, 27 years old Nigerian artist with 2 billion streams on Spotify using $3,300 per 1 million streams multiplied by $2,ooo equals to $6,600,000 million.
Oluwatosin Ajibade, better known as Mr.Eazi, is a Nigerian-born and Ghana-based singer with 1.4 billion streams on Spotify. Using $3,300 per 1million streams multiplied by $1,400 equals $4,620,000 million.
David Adedeji Adeleke, popularly known as Davido, is a Nigerian singer, songwriter, and record producer with 1 billion streamed on Spotify using $3,300 per 1 million streams multiplied by $1,000 equals $3,300,000 million.
Most streamed Nigerian artists on AppleMusic have been compiled through chart position, topping the chart is Adekunle Gold, followed by Joeboy, Wizkid, FireboyDML, and Davido.
According to Apple Music insight, the average pay rate per stream is $0.01. This means per 1 million streams artists are paid the amount of $10,000.
The most viewed Nigeria 2022 Youtube videos are Rema, FireboyDML, BurnaBoy, KizzDaniel, and Ckay.
According to a variety of sources, Youtube pays $0.18 per view, $18 per 1,000 advert views, and $3 to $5 per 1,000 video views.