Spotify, an online streaming platform has revealed that Nigerian artistes made over N11 billion from the streaming platform in 2022.
Ms Jocelyne Muhutu-Remy, Spotify’s Managing Director for Sub-Saharan Africa, made this known in a statement on Thursday in Lagos.
Muhutu-Remy said that Spotify launched its annual report, Loud & Clear, to increase transparency in the music industry by sharing data on Spotify’s royalty payments.
According to her, artistes deserve clarity about the economics of music streaming.
“In 2022, revenues generated by Nigerian artistes from Spotify alone reached over N11 billion, while Nigerian music industry revenues overall have grown by 63 per cent from 2021 to 2022.
“Revenues generated by Nigerian artistes from Spotify alone grew 74 per cent over this same period.
“The number of Nigerian artistes who generated more than N5 million and N10 million in royalties from Spotify alone has increased by nearly 25 per cent over 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,” she said.
Muhutu-Remy said that Spotify is committed to ensuring African creators earn from their art, by exposing them to 550 million active users on the platform.
She said in addition to the data on the revenues generated by Nigerian artistes, there were also new data on top exported Afrobeats albums, top exported Afrobeats artistes, top exported Afrobeats tracks and top exported female Afrobeats tracks.
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The managing director said some of the top cities outside of Lagos, where Afrobeats is getting the most streams are London, Paris, Abuja, Nairobi, Amsterdam and Accra.
“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 artistes to live off their art,” she said.
Muhutu-Remy explained that Afrobeats’ surge in popularity could be linked to several factors including international collaborations, the power of social media, the rise in music streaming and the African diaspora.
According to Spotify-commissioned research conducted by Kuvora, 28 per cent of fans believe that international collaborations are one of the key factors driving the growth of Afrobeats.