Spotify reported paying over N25 billion in streaming royalties to Nigerian artists in 2023.
The music streaming company reported this in its annual Loud and Clear report for the Nigerian market.
According to the firm, the research intends to enhance openness in the music industry by providing royalty payment data and analyzing the worldwide streaming economy.
It stated that Nigerian artistes’ streaming royalties in 2023 would be double what they earned from the platform in 2022.
Spotify stated that this represented a 2,500 percent increase in earnings since 2017.
The number of Nigerian artists earning more than N10 million in royalties has doubled since 2018. Spotify reported that more than half of the earnings went to independent artists or music labels.
The company stated that over 1,400 Nigerian artists were included to its editorial playlists, and listeners discovered them almost 950 million times.
According to Spotify, Nigerian artists own more than 80% of the tracks featured on the country’s daily top 50 chart in 2023.
Spotify’s managing director for Sub-Saharan Africa, Jocelyne Muhutu-Remy, stated that the firm is “proud to fuel the Nigerian music revolution”.
“The significant growth in royalties earned by Nigerian artists on our platform is a powerful testament to their talent, creativity, and global appeal,” Muhutu-Remy said.
“We’re committed to supporting African creators to make a living from their art and we’ll continue to invest further in African artists to ensure this momentum continues.”
Last year, Spotify revealed that Nigerian artists would collect N11 billion in income from its streaming platform by 2022.
The 2023 number is a N14 billion (127.27%) increase over 2022.
