There is a certain level of democratization that has occurred in the music industry, thanks to music streaming. Spotify’s commitment is to ensure that African creators earn from their art, by exposing them to 550 million active users on the platform, resulting in new audiences and more streams for the artists.
Artists deserve clarity about the economics of music streaming. Spotify launched its now annual report, Loud & Clear, to increase transparency in the music industry by sharing data on Spotify’s royalty payments and breaking down the global streaming economy, the players and the process.
In 2022, revenues generated by Nigerian artists from Spotify alone reached over 11,000,000,000 NGN. While Nigerian music industry revenues overall have grown 63% from 2021 to 2022 (according to IFPI), revenues generated by Nigerian artists – from Spotify alone – grew 74% over this same time period.
The number of Nigerian artists who generated more than 5M NGN and 10M NGN in royalties from Spotify alone has increased by nearly 25% over the last year. 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.
“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.