Music streaming platform, Spotify, has said it paid over N25 billion in streaming royalties to Nigerian artists in 2023.
This is more than doubled the over N11 billion they earned from the platform in 2022.
Spotify, who disclosed this in its annual Loud & Clear report focusing on the Nigerian market, revealed that royalties to Nigerian artists have increased by 2,500 per cent since 2017.
According to the report, the number of Nigerian artists earning over N10 million in royalties quadrupled since 2018, adding that over half of the royalties went to independent artists or labels, showcasing the democratising power of streaming.
The report also indicated that Spotify listeners discovered Nigerian artists nearly 950 million times in 2023.
Commenting on the report, Spotify’s managing director for Sub-Saharan Africa, Jocelyne Muhutu-Remy, said, “The significant growth in royalties earned by Nigerian artists on our platform is a powerful testament to their talent, creativity, and global appeal.”
Muhutu-Remy added that while Afrobeats remains the king, Nigeria’s music scene is experiencing a genre revolution as Spotify data reveals increased popularity across local genres.
According to her, homegrown genres like Highlife grew by 224 per cent, Igbo Pop increased by 303 per cent, and Fuji grew by 187 per cent as they all experienced a significant increase in listenership in 2023.