By Ayo Onikoyi
Nigerian music has reached a monumental financial milestone, with royalties generated by Nigerian artists on Spotify alone exceeding ₦58 billion in 2024—more than double the figure from 2023 and five times greater than 2022. This staggering figure headlines Spotify’s 2024 Loud & Clear report released today.
The report also reveals that the number of Nigerian artists generating ₦10 million in royalties from Spotify has more than doubled since 2023 and more than tripled compared to 2022 figures, underscoring the explosive commercial growth of Nigerian music globally.
“We remain committed to empowering Nigerian artists to earn from their art whilst maintaining transparency with artists and stakeholders,” says Jocelyne Muhutu-Remy, Spotify’s Sub-Saharan Africa Managing Director. “The incredible growth of Nigerian music, both locally and globally, is a testament to the talent and creativity within Nigeria, and we are proud to support its continued rise.”
Key Financial Highlights from the 2024 Report:
Nigerian artists were discovered by first-time listeners over 1 billion times on Spotify in 2024
More than 1,900 Nigerian artists were added to Spotify editorial playlists—33% more than in 2023
A significant portion of the ₦58 billion in royalties earned by Nigerian artists came from listeners outside Nigeria
The Naija Sound: A Global Cultural Force
The report also highlights the broader cultural impact of Nigerian music:
Global listeners on average spend over 1.1 million hours streaming Nigerian artists
Users have created approximately 250 million playlists featuring Nigerian artists worldwide
Nigerian artists have seen a 49% export growth over the past three years
Local consumption of Nigerian content has grown 206% year-over-year, with a remarkable 782% increase over the past three years
This unprecedented financial success reflects the dynamic creativity emerging from Nigeria’s music scene and signals Spotify’s ongoing commitment to supporting artistic talent across the region.
The post How Nigerian artists earned over N58 billion on Spotify in 2024 appeared first on Vanguard News.
