Nigerian music has achieved a historic financial milestone, with royalties earned by Nigerian artists on Spotify surpassing ₦58 billion in 2024 alone.
This remarkable achievement underscores the rapid commercial expansion of Nigerian music on the global stage, solidifying its position as one of the most lucrative and influential music industries in the world. The surge in earnings reflects not only the increasing popularity of Afrobeats and other Nigerian genres but also the growing recognition of Nigerian artists by international audiences.
As streaming continues to shape the future of the music business, this record-breaking figure highlights how Nigerian musicians are reaping the financial benefits of their global influence.
The scale of this growth is unprecedented, with the 2024 earnings more than doubling those of 2023 and skyrocketing to five times the total recorded in 2022. These numbers serve as a testament to the expanding reach of Nigerian artists, whose music now resonates with millions of listeners worldwide.
The milestone was revealed in Spotify’s 2024 Loud & Clear report, which detailed that the platform paid out a total of $10 billion in royalties globally in 2024—a figure that represents a 100% increase from its payout a decade ago. The fact that Nigerian artists have secured such a significant portion of these royalties speaks volumes about their increasing dominance in the global music scene.
Further emphasizing this impressive growth, the report also highlighted that the number of Nigerian artists earning at least ₦10 million in royalties from Spotify has more than doubled since 2023 and has tripled compared to 2022.
This surge not only illustrates the rising commercial value of Nigerian music but also signals a shift in how African artists are financially benefiting from streaming platforms. With Afrobeats and other indigenous sounds captivating audiences across continents, Nigerian musicians are now better positioned than ever to leverage their artistry for substantial financial rewards.
The streaming revolution has democratized access to global audiences, and Nigerian artists have harnessed this opportunity to maximize their earnings in ways that were unimaginable just a few years ago.
Spotify’s Sub-Saharan Africa Managing Director, Jocelyne Muhutu-Remy, reaffirmed the company’s commitment to supporting Nigerian artists and fostering transparency within the industry. “We remain committed to empowering Nigerian artists to earn from their art whilst maintaining transparency with artists and stakeholders,” she stated.
She further emphasized that the extraordinary rise of Nigerian music—both locally and globally—is a testament to the immense talent and creativity within the country. As streaming platforms continue to evolve, their role in shaping the future of Nigerian music remains pivotal, ensuring that artists are fairly compensated while their sounds continue to dominate airwaves and playlists around the world.
