Nigerian artistes earn over N11bn from streaming in 2022 – Spotify
Nigerian artistes generated over N11 billion in revenue from Music streaming platform, Spotify in 2022. Spotify, which disclosed this yesterday in its latest report on the growth of Afrobeats, said the 2022 streaming revenue was 74% growth year-on-year and even higher than the 64% revenue growth recorded by the entire Nigerian music industry last year. […]
Nigerian artistes generated over N11 billion in revenue from Music streaming platform, Spotify in 2022.
Spotify, which disclosed this yesterday in its latest report on the growth of Afrobeats, said the 2022 streaming revenue was 74% growth year-on-year and even higher than the 64% revenue growth recorded by the entire Nigerian music industry last year.
“Our commitment at Spotify is to ensure that professional musicians make a living from their work. Releasing the revenues generated by Nigerian artists in 2022 on our platform is our way of keeping ourselves accountable, and keeping true to our mission to enable artists to live off their art,” noted Spotify’s Managing Director for Sub-Saharan Africa, Jocelyne Muhutu-Remy.
While emphasizing the popularity of Afrobeats which originated from Nigeria and Ghana, Spotify added that the number of artistes generating more than N10 million in royalties from the platform has also increased significantly.
“The number of Nigerian artists who generated more than 5 million NGN and 10 million NGN in royalties from Spotify alone has increased by nearly 25% over the last year. This figure represents revenue generated from Spotify alone and does not consider earnings from other services and recorded revenue streams, concert tickets, or merch.
“In 2022, revenues generated by Nigerian artists from Spotify alone reached over 11,000,000,000 NGN. While Nigerian music industry revenues overall have grown 63% from 2021 to 2022 (according to IFPI), revenues generated by Nigerian artists – from Spotify alone – grew 74% over this same period,” Spotify stated in the report.
According to the report, some of the top cities outside of Lagos, where Afrobeats are getting the most streams include London, Paris, Abuja, Nairobi, Amsterdam, and Accra.