NIGERIAN artistes earned N25 billion as royalties from the global music streaming platform Spotify in 2023.
According to the News Agency of Nigeria (NAN), Spotify’s Managing Director Jocelyne Muhutu-Remy disclosed this in its recently launched annual reports Loud&Clear.
The sum was at least twice what the country’s artistes earned in 2022, and a 2,500 per cent rise from what they got in 2017.
Muhutu-Remy also noted that more than half of the royalties paid went to independent artistes and labels. He applauded the Nigerian artistes for their creativity.
“Spotify listeners discovered Nigerian artistes nearly 950 million times in 2023 and Nigerian artistes own over 80 per cent of the tracks featured on Nigeria’s daily top 50 chart in 2023. Over 1,400 Nigerian artistes added to Spotify’s editorial playlists in 2023.
“The significant growth in royalties earned by Nigerian artistes on our platform is a powerful testament to their talent, creativity and global appeal. We are proud to amplify their voices and fuel the Nigerian music revolution,” Muhutu-Remy said.
She also added that Nigerian artistes who earned over N10m in royalties quadrupled since 2018.
Stating that indigenous genres like Highlife, Igbo Pop and Fuji experienced significant listenership during the year, she explained further that Spotify was committed to supporting Nigerian artistes to earn more from their works.
The Nigerian music industry is the second best-performing entertainment and media market, and has rapidly gained popularity globally.
According to a report, the industry generates over $2 billion in revenue yearly, making it one of the largest music industries in the world.
Nigerian artistes have also made a significant impact globally, winning international awards, and collaborating with their foreign counterparts.
Ijeoma Opara is a journalist with The ICIR. Reach her via vopara@icirnigeria.org or @ije_le on Twitter.