The US-owned music streaming platform, Spotify has updated its Afrobeats tracker site with new figures depicting the Nigeria-dominated genre’s six-year growth.
According to the data on the site, ‘Afrobeats: Journey to a billion streams’ showed that the genre has experienced a surge in popularity on the streaming platform.
In 2017, Afrobeats songs were raking in 2 billion annual streams on Spotify. The figure, however, grew at an exponential rate in 2022 to 13.5 billion streams which is about a 550 per cent increase.
The 2021-2022 growth represents an impressive 60.7 year-on-year leap.
The statistics record that Afrobeats had 5.9 billion streams in 2020, 8.4 billion in 2021, and then 13.5 billion in 2022.
According to the report, Spotify also revealed that Nigerian artistes generated N11 billion in revenues from the streaming platform in 2022.
It 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 in part.
“According to IFPI, revenues generated by Nigerian artists – from Spotify alone – grew 74% over this same time period.”