Nigerian Artists Streaming Revenue To Hit $44m By 2023

Nigerian artists are earning streaming royalty through digital distribution platforms as the music industry’s streaming revenue is set to hit $44m by 2023.
As technology continues to impact the music industry with easy access to music, the industry has also gone from CD eras to streaming eras with streaming platforms such as Apple Music, Spotify, Audio Mack, YouTube, and Boom play.
According to a report, the Nigerian music sector’s revenue grew from 26 million US dollars in 2014 to 34 million dollars in 2018. This figure, according to the research and projection by Statista, is expected to grow to 44 million dollars by 2023.
The statistics from these studies reveal that the music industry possesses the capacity to support millions of youths and generate considerable revenue for the economy.
The royalties earned by the artists are referred to as payments that are paid to recording artists, songwriters, composers, publishers, and other copyright holders for the right to use their intellectual property.
Spotify’s highest most streamed artists are: Wizkid with 4.6 billion streamed, BurnaBoy with 3 billion, Ckay with 2 billion, Mr. Eazi with 1.4billion, and Davido with 1 billion based on Dataleum data as of July 2022.
According to a 2020 report, artists earn as little as $0.0033 per stream which results in $3,300 per 1 million streamed.
On Apple Music, most streamed Nigerian artists have been compiled through chart position, topping the chart is Adekunle Gold, followed by Joeboy, Wizkid, FireboyDML, and Davido.
According to Apple Music insight, the average pay rate per stream is $0.01. This means per 1 million streams artists are paid the amount of $10,000.
However, the most viewed Nigeria 2022 Youtube videos are Rema, FireboyDML, BurnaBoy, KizzDaniel, and Ckay.
Youtube pays $0.18 per view, $18 per 1,000 advert views, and $3 to $5 per 1,000 video views.