Nigerian musicians received over N25 billion streaming royalties in 2023 – Report

Global online streaming platform, Spotify, has revealed that Nigerian musicians streaming royalties exceeded N25 billion in 2023.

Spotify made this known in a recent newsletter titled Loud & Clear, which was sent out on Friday.

The report states that Nigerian artistes earning over N10 million in royalties have quadrupled since 2018.

The exponential growth, doubling from the previous year and skyrocketing by 2,500 per cent since 2017, signifies not just a financial boon but also testifies to the global recognition of Nigerian sounds and artists.

Reports

Beyond the unparalleled success of Afrobeats, the report shows that Nigeria’s music is undergoing a genre revolution.

Homegrown genres like Highlife, Igbo Pop, and Fuji are experiencing a surge in popularity, as revealed by Spotify’s data.

Fuji king K1 De Ultimate retains his throne, while fresh voices like Umu Obiligbo and Phyno invigorate Highlife and Igbo Pop, respectively.

Highlife, Fuji, and Igbo Pop also saw listenership increase in Q1 2024, growing by 240 per cent, 175 per cent, and 270 per cent, respectively, compared to the first quarter of 2023.

According to Spotify, over half of these royalties went to independent artists or labels, showcasing the democratising power of streaming.

It also stated that over 1,400 Nigerian musicians were added to Spotify editorial playlists in 2023, as they owned over 80 per cent of the tracks featured on Nigeria’s daily top 50 charts in 2023.

Furthermore, Spotify listeners’ engagement with Nigerian artistes soared, with discoveries tallying nearly 950 million times in 2023 alone.

The domination of men in listenership across local genres is apparent. Men dominate listeners of local music genres like Fuji at 85 per cent, Highlife at 89 per cent, and Igbo Pop at 81 per cent.

Also, according to the reports, Gen Z (aged 18-24) emerges as a formidable force, constituting a significant portion of the audience, with listenership consisting of 32 per cent of Fuji, 31 per cent of Highlife, and 46 per cent of Igbo Pop.

Cities like Lagos, Port Harcourt, and Katsina emerge as hotbeds for streaming local genres.

Remarks

Spotify’s Managing Director for Sub-Saharan Africa, Jocelyne Muhutu-Remy, lauded the remarkable growth, citing it as proof of Nigerian artists’ talent, creativity, and global appeal.

She reaffirmed Spotify’s commitment to nurturing African creators and pledged further investment to sustain the momentum of the Nigerian music revolution.

(PREMIUM TIMES)