Digital music service, Spotify on Thursday disclosed that Nigerian artistes recorded over N11bn in revenue on Spotify in 2022.
According to a statement by the firm, the revenues in the Nigerian music industry grew 63 per cent from 2021 to 2022 and their revenue from Spotify alone grew 74 per cent over this same period, The Punch reports.
The firm revealed that the number of Nigerian artists who generated more than N5m and N10 in royalties from Spotify alone grew by 25 per cent in 2022.
It said the figure represented revenue generated from Spotify alone and did not consider earnings from other services and recorded revenue streams, concert tickets, or merch.
Spotify’s Managing Director for Sub-Saharan Africa, Jocelyne Muhutu-Remy, in a statement 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.”
Meanwhile, the rise in Afrobeats was acknowledged as the statement also highlighted that cross-border growth has not only impacted music but has been a vehicle for food, dance, and language export.
“Some of the top cities, outside of Lagos, where Afrobeats is getting the most streams are London, Paris, Abuja, Nairobi, Amsterdam, and Accra”, it added.