• Tuesday, June 18, 2024
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BusinessDay

Nigerian artists’ Spotify streaming income up 25-fold in seven years

Spotify

Streaming income for Nigerian artists on Spotify has grown by 2,500 per cent in the last seven years, underscoring the increasing uptake of musical platforms in the country.

In 2023, Nigerian artists earned N25 billion, double what they did in 2022, and there was a 2,500 per cent increase from 2017. Spotify revealed this in its annual report titled, ‘Loud & Clear.’

Spotify highlighted that more Nigerian artists (three times more than in 2018) earned above N10 million in 2023. The music platform said over half of these royalties went to independent artists or labels, and listeners discovered Nigerian artists 950 million times in 2023.

Jocelyne Muhutu-Remy, Spotify’s managing director for Sub-Saharan Africa, 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 to make a living from their art and we’ll continue to invest further in African artists to ensure this momentum continues.”

Despite this growth, Nigerian artists only earned a small fraction of the $9 billion that Spotify paid in 2023. Nigeria’s total in dollar terms amounts to $28.65 million (at N872.59/$ as of December 27, 2023).

A BusinessDay analysis recently revealed that in 2023, South Africa accounted for 77.0 per cent of the total music revenue from the Sub-Saharan African region.

According to the 2024 International Federation of the Phonographic Industry (IFPI) report, the Sub-Saharan Africa market was the world’s fastest-growing music revenue market, with a 24.7 per cent growth increase in 2023. This growth has been fuelled by a surge in paid streaming services, contributing 24.5 per cent of revenue.