In a recent announcement at the 2024 Loud & Clear event held in Lagos, Spotify revealed that Nigerian musicians generated over N58 billion from streams in 2024. This figure more than doubles the earnings from 2023 and is five times greater than the total from 2022.

The streaming giant reported a significant increase in the number of artists earning at least N10 million in royalties, with this number doubling from the previous year and tripling compared to 2022.

Key Highlights:

• First-time listeners discovered Nigerian artists more than one billion times on the platform.
• Over 1,900 Nigerian musicians were included in Spotify's editorial playlists, marking a 33% increase from 2023.
• A substantial portion of the N58 billion in royalties was generated from international listeners.
• Global listeners dedicated over 1.1 million hours to streaming songs by Nigerian artists.
• Approximately 250 million playlists featuring Nigerian artists were created by users worldwide.

According to the report, Nigerian artists have experienced a 49% growth in music exports over the past three years, while local consumption of Nigerian content has surged by 206% year-on-year, reflecting a remarkable 782% increase over three years.

“This remarkable financial achievement showcases the vibrant creativity flourishing within Nigeria's music scene and highlights Spotify’s commitment to nurturing artistic talent in the region,” the report stated.

It emphasized that the rise in global recognition, key playlist placements, and substantial growth in music exports have contributed to this financial success, reinforcing Nigeria's position as a burgeoning global music powerhouse and Spotify’s dedication to its artists.