Nigerian Artists Generate Revenue of N11bn on Spotify in 2022

By Vanessa Obioha

The latest update on Spotify’s ‘Afrobeats: Journey of a Billion Streams’ site shares data on the financial gains of streaming and how Nigerian artists are generating remarkable revenue. The data showed the astounding revenue milestone of over N11 billion generated by Nigerian artists in the year 2022 alone.

Assuming a pivotal role in democratizing the industry, Spotify is ensuring that the vibrant sounds of African creators reverberate across a user base of 550 million active listeners. This resounding exposure has translated into not just increased streams, but also substantial financial gains for these artists, effectively redefining their place within the international music scene.

In providing clarity about the economics of music streaming to artists, the global music streaming unveiled its annual report “Loud & Clear.” This marks a groundbreaking stride towards transparency in the music world. By divulging intricate details about royalty payments and dissecting the intricate financial web of the streaming economy, Spotify aims to empower artists with an unfiltered look at the economics of their craft.

“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” says Jocelyne Muhutu-Remy, Spotify’s Managing Director for Sub-Saharan Africa.

The unparalleled surge in revenue for Nigerian artists in 2022 not only paints a portrait of the Nigerian music industry’s remarkable 63% growth from 2021 to 2022 but also thrusts the spotlight on the meteoric rise of revenue generation by Nigerian artists on the Spotify platform, registering a staggering 74% increase within the same period.

Beyond the numbers, the Afrobeats wave has ushered in a wave of transformative change. The ranks of Nigerian artists amassing royalties exceeding N5 million and N10 million from Spotify alone have swelled by nearly 25% over the past year. However, these figures merely scratch the surface, capturing revenue streams generated exclusively through Spotify and omitting earnings from alternate platforms, recorded revenue avenues, live concerts, and merchandise sales.

Other data updates on the site this week include the top exported Afrobeats albums, and tracks as well as the top cities outside of Lagos, where Afrobeats is getting the most streams.