Nigerian Artistes Rake In N11billion On Spotify
The US-owned music streaming platform, Spotify has revealed that Nigerian artistes on its platform have generated N11 billion in revenues in 2022.
According to the streaming platform, the revenues generated by Nigerian artistes increased by 74 per cent compared to the corresponding year.
“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.” The platform records.
Speaking on the result, Spotify’s Managing Director for Sub-Saharan Africa, Jocelyne Muhutu-Remy, “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.”
About half of Nigerian artistes who generated ₦1 million self-distributed their music on Spotify using DistroKid, Vydia, and ONErpm.
According to Spotify, the number of Nigerian artistes who generated more than ₦5 million and ₦10 million in royalties from Spotify alone also has increased by nearly 25% in 2022. “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,” Spotify disclosed in the report.
Spotify, in a report also revealed that it has updated its Afrobeats tracker site with new figures depicting the Nigeria-dominated genre’s six-year growth.
Data on the site ‘Afrobeats: Journey to a Billion Streams’ showed that the genre has experienced a surge in popularity on the streaming service.
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.
According to the statistics, Afrobeats had 5.9 billion streams in 2020, 8.4 billion in 2021, and then 13.5 billion in 2022.