Nigerian music experienced significant financial growth in 2024, with royalties earned by artists on Spotify surpassing N58 billion. This represents more than double the earnings of 2023 and a fivefold increase compared to 2022. Spotify's 2024 Loud & Clear report highlights this growth, revealing that the platform paid out $10 billion in royalties globally in 2024. The number of Nigerian musicians earning N10 million in Spotify royalties has more than doubled since 2023 and tripled since 2022. Over 1,900 Nigerian artists were featured on Spotify editorial playlists in 2024, a 33% increase from 2023. New Spotify users discovered Nigerian musicians over 1 billion times in 2024, with a substantial portion of the N58 billion in royalties coming from listeners outside Nigeria. Local consumption of Nigerian content also saw a significant increase, rising by 206% annually and 782% over the past three years. In November 2024, Spotify increased its monthly subscription fees for premium subscribers from N900 to N1,300 to support ongoing innovations and enhance user experience.
Nigerian Artists' Spotify Royalties Exceed N58 Billion in 2024, Doubling 2023 Earnings
Edited by: Inna Horoshkina One
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