Nigerian artists achieved a historic financial milestone in 2024, generating over ₦58 billion in royalties on Spotify alone, according to the 2024 Spotify Loud & Clear report released Thursday.
The figure, which represents more than double the earnings of 2023 and five times that of 2022, underscores the rapid commercial growth of Nigerian music on a global scale.
Jocelyne Muhutu-Remy, Spotify’s Managing Director for Sub-Saharan Africa, attributed this growth to the exceptional talent and creativity within Nigeria’s music industry.
“We remain committed to empowering Nigerian artists to earn from their art whilst maintaining transparency with artists and stakeholders,” she said.
The report also highlighted a dramatic increase in the number of Nigerian artists generating over ₦10 million in royalties, with figures more than doubling year-over-year.
Key Report Highlights
- Nigerian artists were discovered over 1 billion times by first-time listeners in 2024.
- Over 1,900 Nigerian artists were added to Spotify editorial playlists, a 33% increase from 2023.
- A significant portion of the ₦58 billion in royalties originated from international audiences.
Global Impact of Nigerian Music
The report detailed the rising global influence of Nigerian music:
- Listeners worldwide streamed Nigerian artists for an average of 1.1 million hours.
- Users created approximately 250 million playlists featuring Nigerian artists.
- The export growth of Nigerian artists increased by 49% over the past three years.
Local consumption of Nigerian content also surged, with a 206% year-over-year increase in 2024 and an extraordinary 782% growth since 2022.
Spotify’s report highlights the dynamic evolution of Nigeria’s music scene and reaffirms its commitment to supporting creative talent across the region.