Spotify says it paid over N25 billion in streaming royalties to Nigerian artistes in 2023.
The music streaming platform disclosed this in its annual Loud and Clear report focusing on the Nigerian market.
The company said the report aims to increase transparency in the music industry by sharing data on royalty payments and breaking down the global streaming economy.
It said streaming royalties for Nigerian artistes in 2023 doubled what they earned from the platform in 2022.
Spotify added that this was a 2,500 percent increase in earnings since 2017.
The number of Nigerian artistes earning over N10 million in royalties quadrupled since 2018. Spotify said over half of the royalties went to independent artistes or music labels.
The company said over 1,400 Nigerian artistes were added to its editorial playlists and listeners discovered them nearly 950 million times.
Spotify said Nigerian artistes own over 80 percent of the tracks featured in the country’s daily top 50 chart in 2023.
Jocelyne Muhutu-Remy, Spotify’s managing director for Sub-Saharan Africa, said the company is “proud to fuel the Nigerian music revolution”.
“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 said.
“We’re committed to supporting African creators to make a living from their art and we’ll continue to invest further in African artists to ensure this momentum continues.”
Last year, Spotify revealed that Nigerian artistes generated N11 billion in revenues from its streaming platform in 2022.
The 2023 figure is a N14 billion (127.27%) increase compared to 2022.
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