Spotify reveals Nigerian artistes net N11b in 2022

… foreign collaborations, one significant factors driving growth of Afrobeats

A streaming platform online,Spotify, has revealed that Nigerian artistes raked in over N11 billion as income from the streaming platform in 2022. In Lagos, Ms Jocelyne Muhutu-Remy, Spotify’s Managing Director for Sub-Saharan Africa, made this known in a statement on Thursday.

Remy said that Spotify launched its annual report, Loud & Clear, to enhance transparency in the music industry by sharing data on Spotify’s royalty payments. Artistes deserve clarity about the economics of music streaming she iterated.

In her words, “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.

Spotify is committed to ensuring African creators earn from their art, by exposing them to 550 million active users on the platform, Remi said.

According to her, 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.

Remi revealed that 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 artists to live off their art,” she said.

Remy explained that Afrobeats’ surge in popularity could be linked to several factors including international collaborations, power of social media, t rise in music streaming and the African diaspora.

In lieu of Spotify-commissioned research conducted by Kuvora, 28 per cent of fans believe that international collaborations are one of the key factors driving the development and spread of Afrobeats.

Techrectory with Agency Report

See also Actors Guild replies critics, says 'We never abandoned Mr Ibu'

Leave a Reply

Your email address will not be published. Required fields are marked *

What do you think?

Written by News Desk

Your daily pulse on mind-blowing tech, business, and economy news. Stay informed, stay ahead!

Ministerial appointment: I will continue to contribute my quota to development of Nigeria says El-Rufai as he withdraws interest

”You will be accountable for Bazoum’s safety”, US tells Niger military junta