Spotify Reports Nigerian Artists Raked In $17M On The Streaming Platform In 2023
Digital streaming giant, Spotify, has reported that over ₦25bn (roughly $17m at the current exchange rate) was paid to Nigerian musicians in 2023 as streaming royalties on the streaming platform, a 2 500% increase from the previous year. In order to improve openness, the digital streaming platform released its most recent Loud & Clear report last month.
It analyzed the worldwide streaming economy for artists, fans, and the industry, as well as providing data on royalty payments. Also, according to Spotify data, the amount of royalties earned by Nigerian musicians has increased by almost ₦10 million since 2018, with independent artists and labels receiving more than half of this total.
According to other significant data, in 2023, Nigerian artists were discovered by Spotify users around 950 million times, and in that same year, over 80% of the tracks that appeared on Nigeria’s daily top 50 chart were also owned by Nigerian musicians.
Local genres including highlife, Igbo pop, and Fuji have had notable increases in consumers over the past year, with growth rates of 224%, 303%, and 187%, respectively, but Afrobeats continues to dominate the scene. This pattern persisted throughout the first quarter of 2024, with listenership for these genres rising by 240%, 175%, and 270% over the same time in 2023.
Top artists in these genres include Igbo pop’s Phyno, highlife’s Umu Obiligbo, and Fuji’s K1 De Ultimate. Nigerian hip hop, Nigerian pop, Nigerian beats, Nigerian pop, and Afro-R&B are the top five musical genres that are exported from Nigeria.
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