Good news for Nigerian musicians! Spotify recently announced that the number of Nigerian artists earning over 10 million Naira in royalties has quadrupled since 2018.
The music industry in Sub-Saharan Africa is booming, with the fastest-growing revenue in the world according to a 2024 report by the IFPI. This region saw a staggering 24.7% increase in music revenue, far exceeding any other part of the globe.
This surge is largely driven by the growing popularity of paid streaming services.
These services now account for a whopping 24.5% of music revenue in Sub-Saharan Africa, with Sub-Saharan Africa being the only region to surpass 20% growth in this area.
Nigeria, a country of about 230 million people and home to some of Africa’s biggest Afrobeats stars is a major player in this music industry growth. Streaming platforms like Spotify are making a big difference for African artists. These platforms allow them to reach a much wider audience than before and earn money from their music globally.
In a move towards transparency, Spotify recently launched its annual “Loud & Clear” report. This report shares data on how much money Spotify pays out in royalties to artists, giving a clearer picture of the global streaming economy and how it works. For the second year in a row, Spotify has included specific data on how much Nigerian artists on their platform are earning.
