Music giant, Spotify, has said that Nigerian artists earn over 11 billion naira on its platform in 2022 alone. The company announced this in the new Afrobeats Growth Report released on Thursday. Spotify said that the revenue in 2022 is a growth of 74% year on year and even more than the 64% growth recorded by the entire Nigerian music industry last year. Afrobeat is growingHighlighting the popularity of Afrobeats from Nigeria and Ghana, Spotify said the genre's growth has gone from West Africa to a global level. He added that the rise in popularity of Afrobeat can be linked to many factors, including international cooperation, the power of social media, the rise of music, and African nations. According to Spotify, some of the major cities outside of Lagos where Afrobeats gets the most streams are London, Paris, Abuja, Nairobi, Amsterdam, and Accra. Noting that music has brought some level of democratization to the music industry, through music, Spotify said its commitment is to ensure that African producers earn money from their talent, They were exposed to 550 million active users on the platform, which caused it. new audiences and more streams for artists.
While noting that the company is releasing the artists’ revenue figures to show accountability, Spotify’s Managing Director for Sub-Saharan Africa, Jocelyne Muhutu-Remy, said: “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.” The company further disclosed that the number of artists generating more than N10 million in royalties from the platform has also increased significantly. “The number of Nigerian artists who generated more than 5 million NGN and 10 million NGN in royalties from Spotify alone has increased by nearly 25% over the last year. This figure represents revenue generated from Spotify alone and does not consider earnings from other services and recorded revenue streams, concert tickets, or merch. “In 2022, revenues generated by Nigerian artists from Spotify alone reached over 11,000,000,000 NGN. While Nigerian music industry revenues overall have grown 63% from 2021 to 2022 (according to IFPI), revenues generated by Nigerian artists – from Spotify alone – grew 74% over this same period,” Spotify stated in the report.
