Spotify, a music streaming service, reported that in 2022 Nigerian musicians earned over N11 billion on the company’s platform alone.
This information was provided in the company’s most recent report on the expansion of Afrobeats, which was published on Thursday.
Spotify reported that the revenue from streaming in 2022 will increase by 74% year over year, outpacing the 64% revenue growth seen across the board in the Nigerian music industry in 2017.
Spotify’s Managing Director for Sub-Saharan Africa, Jocelyne Muhutu-Remy, said that the firm is disclosing the artists’ revenue data to demonstrate accountability.
The business also revealed a considerable rise in the number of artists using the platform to generate royalties greater than N10 million.
“Over the past year, there has been a nearly 25% increase in the number of Nigerian musicians who have earned more than N5 million and N10 million in royalties from Spotify alone. This sum only includes earnings from Spotify and excludes earnings from other services, recorded revenue streams, concert tickets, and merchandise.
“In 2022, Nigerian artists earned more than N11,000,000,000 through Spotify alone. According to IFPI, the total revenue of the Nigerian music industry increased by 63% between 2021 and 2022, but the revenue generated by Nigerian musicians on Spotify alone increased by 74% during the same time.”
Afrobeats, which have their roots in Ghana and Nigeria, have gained popularity, according to Spotify, which also said that the music genre has expanded beyond West Africa to the international music scene.
It was also said that a number of variables, including global collaborations, the influence of social media, the growth of music streaming, and the African diaspora, could be responsible for the rise in popularity of Afrobeat.
London, Paris, Abuja, Nairobi, Amsterdam, and Accra are some of the top places outside of Lagos where Afrobeats is being streamed the most, according to Spotify.