Nigerian music has achieved a historic financial milestone, with royalties earned by Nigerian artists on Spotify surpassing ₦58 billion in 2024.This remarkable figure is more than double the earnings of 2023 and five times higher than in 2022, highlighting the rapid growth of the industry.
The milestone was revealed in Spotify’s 2024 Loud & Clear report, which disclosed that the platform paid out $10 billion in royalties in 2024—an impressive 100% increase compared to a decade ago.
The report also shows that the number of Nigerian artists earning at least ₦10 million in royalties from Spotify has more than doubled since 2023 and tripled compared to 2022, emphasizing the commercial expansion of Nigerian music worldwide.
In 2024, Nigerian artists were discovered by first-time listeners over 1 billion times on Spotify, and more than 1,900 Nigerian artists were featured on Spotify editorial playlists—a 33% increase from 2023.
A significant share of the ₦58 billion in royalties came from international listeners, reinforcing the global appeal of Nigerian music. However, this also highlights the need for better internet infrastructure and a stronger economy to maximize Nigeria’s local streaming potential.
This financial success not only reflects the vibrancy and creativity of Nigeria’s music scene but also underscores Spotify’s commitment to supporting African talent on the world stage.
Source : https://saharareporters.com/
