Streaming giant Spotify has unveiled that Nigerian musicians enjoyed a substantial revenue of over N11 billion from the platform in the year 2022.
In a statement released in Lagos on Thursday, Ms Jocelyne Muhutu-Remy, Spotify’s Managing Director for Sub-Saharan Africa, highlighted the transparency initiative by the company through its annual report named Loud & Clear, aimed at sharing insights into the music industry’s financial landscape and Spotify’s royalty disbursements.
Muhutu-Remy emphasized the importance of providing artists with a comprehensive understanding of music streaming economics.
She stated, “In the course of 2022, Nigerian artists collectively garnered an impressive sum of over N11 billion exclusively from Spotify. The overall revenue for the Nigerian music industry witnessed a remarkable growth of 63 percent between 2021 and 2022.”
She further detailed, “The specific revenue generated by Nigerian artists solely from Spotify displayed a remarkable 74 percent growth during the same period. Notably, the count of Nigerian artists earning over N5 million and N10 million in Spotify royalties has risen by almost 25 percent in 2022.”
Muhutu-Remy made clear that these figures exclusively represent Spotify earnings, excluding contributions from other platforms, live performances, merchandise, and concert tickets.
Underscoring Spotify’s commitment to empowering African creators, Muhutu-Remy revealed the platform’s dedication to connecting these artists with its 550 million active users.
Beyond revealing Nigerian artists’ revenue, the statement also featured fresh insights into the top-exported Afrobeats albums, artistes, tracks, and female Afrobeats tracks. Muhutu-Remy highlighted the global reach of Afrobeats, citing top streaming cities as London, Paris, Abuja, Nairobi, Amsterdam, and Accra.
“Our unwavering pledge at Spotify is to ensure that professional musicians can sustain a livelihood through their craft. The disclosure of the 2022 earnings of Nigerian artists on our platform reflects our commitment to transparency and our mission to enable artists to thrive on their artistic pursuits,” Muhutu-Remy asserted.
She elaborated on the factors behind Afrobeats’ remarkable surge, pointing to international collaborations, the amplifying effect of social media, the ascent of music streaming, and the influence of the African diaspora.
Citing a survey commissioned by Spotify and conducted by Kuvora, Muhutu-Remy mentioned that 28 percent of fans identified international collaborations as a pivotal driver in Afrobeats’ expansion.
