Spotify revealed that in 2024 Nigerian music earned over 58 billion naira in revenue for the first time. The question is how did the artists achieve this?
Spotify in an exclusive report confirmed that for the first time in the history of Nigerian music, artist royalties exceeded 58 billion naira in 2024, the revealed figure was confirmed to be double the total earnings in 2023 and four times more than the earnings from 2022 indicating the much-needed growth in the industry.
It was also revealed that the number of artists who generated 10 million naira in royalties from Spotify also doubled from the number of artists who achieved this feat in 2023.
Spotify confirmed that this revenue was generated by the increased global discovery of Nigerian music, significant playlist inclusion as well as substantial export growth.
Speaking on this Jocelyne Muhutu-Remy, Spotify’s Sub-Saharan Africa Managing Director revealed, “We remain committed to empowering Nigerian artists to earn from their art whilst maintaining transparency with artists and stakeholders. 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 2024More than 1,900 Nigerian artists were added to Spotify editorial playlists—33% more than in 2023A significant portion of the ₦58 billion in royalties earned by Nigerian artists came from listeners outside Nigeria
How impactful is Nigerian music worldwide?
Global listeners on average spend over 1.1 million hours streaming Nigerian artistsUsers have created approximately 250 million playlists featuring Nigerian artists worldwideNigerian artists have seen a 49% export growth over the past three yearsLocal consumption of Nigerian content has grown 206% year-over-year, with a remarkable 782% increase over the past three years
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