Nigerian Artists Earn Record-Breaking ₦58 Billion in Spotify Royalties in 2024

 The Nigerian music industry has reached an unprecedented financial milestone, with artists generating over ₦58 billion in royalties from Spotify alone in 2024. This remarkable figure more than doubles the earnings recorded in 2023 and is five times higher than in 2022, highlighting the explosive growth of Nigerian music on the global stage.

The data was revealed in Spotify’s 2024 Loud & Clear report, which announced that the platform paid out a total of $10 billion in royalties last year, marking a 100% increase compared to a decade ago.

According to the report, the number of Nigerian artists earning at least ₦10 million from Spotify has more than doubled since 2023 and tripled compared to 2022, reflecting the increasing global demand for Nigerian music.

Spotify’s Sub-Saharan Africa Managing Director, Jocelyne Muhutu-Remy, emphasized the platform’s commitment to supporting Nigerian artists.

“We remain dedicated to empowering Nigerian artists and ensuring transparency in how they earn from their art,” she stated.

“The incredible global growth of Nigerian music is a testament to its talent and creativity, and we are proud to support its continued rise.”

Key Highlights from the 2024 Report:

• Over 1 billion first-time listener discoveries of Nigerian artists on Spotify in 2024
• 1,900+ Nigerian artists featured on editorial playlists—a 33% increase from 2023
• A significant portion of the ₦58 billion in royalties came from international listeners
• 49% growth in global exports of Nigerian music over the past three years
• Local consumption of Nigerian music increased 206% year-over-year, and a staggering 782% over the past three years
• Users worldwide created 250 million playlists featuring Nigerian artists

The report also highlights that while Nigerian music enjoys international success, streaming revenue within Nigeria is limited due to inadequate internet infrastructure and economic challenges.

Spotify’s findings further underscore the cultural impact of Nigerian music, with global listeners spending over 1.1 million hours streaming Nigerian artists in 2024.

This financial boom cements Nigerian music as a dominant force in the global music industry, reinforcing its cultural and economic influence.