• Thursday, June 13, 2024
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Top African countries with highest music revenue in 2023

Top African countries with highest music revenue in 2023

South Africa emerged as the dominant force in Sub-Saharan African (SSA) music revenue in 2023, according to the International Federation of the Phonographic Industry (IFPI).

The nation generated $33 million, followed by Egypt at $30 million. Nigeria, a powerhouse in African music, secured third place with $27 million. These figures highlight the growing importance of established music scenes in driving revenue.

Further down the list, Zimbabwe and Morocco are tied at $13 million each, followed by Kenya at $9 million. Algeria and Sudan round out the figures at $7 million and $4 million, respectively, with Cameroon and Tunisia following closely at $4 million and $3 million, respectively.

The IFPI report revealed that streaming contributed 67.3 percent to global recorded music revenue and 24.5 percent to the SSA region. This trend underscores the crucial role streaming plays in revenue generation for African artists.

However, economic realities remain a crucial factor shaping the market. Experts highlighted a clear correlation between a region’s economic strength and its ability to pay for streaming services. This explains the disparity in revenue generation across African countries.

While South Africa holds a significant lead, it’s important to note the overall growth across the continent. The SSA region had the fastest streaming growth globally, at 34.7 percent, a trend expected to continue, according to IFPI.

Recently, Spotify, one of the major streaming platforms, revealed that streaming income for Nigerian artists on Spotify grew by 2,500 percent in the last seven years to N25 billion ($28.65 million at N872.59/$ as of December 27, 2023) as of the end of 2023.

South African artists earned less, at 256 million rands ($14.01 million at 18.27 rands/$). As streaming continues to expand, it will be interesting to see how African nations develop their music industries and bridge their economic gaps to harness the potential of this rapidly growing market fully.