Nigerian artistes reportedly generated N11 billion in revenues from Spotify, the streaming platform, in 2022.
In the latest report on ‘Afrobeats: Journey to a Billion Streams’, Spotify revealed that the Nigerian music industry has also grown by 63 percent since last year.
In the report shared on Thursday, the streaming giants added that the revenues generated by Nigerian artistes on its platform have also increased by 74 percent.
“In 2022, revenues generated by Nigerian artistes from Spotify alone reached over 11,000,000,000 NGN. While Nigerian music industry revenues overall have grown 63% from 2021 to 2022,” the report reads
“According to IFPI, revenues generated by Nigerian artists – from Spotify alone – grew 74% over this same time period.”
The report said the number of Nigerian artistes who generated more than N5 million and N10 million in royalties from Spotify alone has increased by nearly 25 per cent over the last year.
“This figure represents revenue generated from Spotify alone, and does not take into account earnings from other services and recorded revenue streams, concert tickets or merch,” it added.
“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.”
The report, however, did not provide details of the Nigerian artistes’ earnings.
Last month, the streaming platform launched a dedicated website for the Afrobeats genre of music.
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