Eniafe Opeyemi
Nigerian music has reached a monumental financial milestone, with royalties generated by Nigerian artists on Spotify alone exceeding ₦58 billion in 2024.
This staggering figure is more than double that of 2023 and five times greater than 2022 in what captures the impressive growth of Nigerian music.
This staggering figure headlines Spotify's 2024 Loud & Clear report that revealed the platform paid out 10 billion USB in royalties in 2024 which marks a remarkable 100% increase from its pay out 10 years ago.
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."
Post a Comment