Spotify announces that Nigerian artists generated over $14 million in revenue on its platform alone in 2022 in the company’s latest report on the growth of Afrobeats.
Spotify’s latest report on the growth of Afrobeats on the platform was released on Thursday, and the company reports that Nigerian artists generated over $14 million in revenue from its platform alone in 2022. Spotify’s streaming revenue in 2022 saw 74% growth year-on-year, more than the 64% revenue growth recorded by the entire Nigerian music industry last year.
“Our commitment at Spotify is to ensure that professional musicians make a living from their work,” said Spotify’s Managing Director for Sub-Saharan Africa, Jocelyne Muhutu-Remy. “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.”
The company disclosed that the number of Nigerian artists generating more than $13,000 in royalties from the platform has also significantly increased. Spotify said the growth of the Afrobeats genre has moved from West Africa to the global stage, emphasizing the popularity of music originating from Nigeria and Ghana.
“The number of Nigerian artists who generated more than 5 million NGN and 10 million NGN in royalties from Spotify alone has increased by nearly 25% over the last year,” the report says. “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 period.”
According to Spotify’s report, the top cities where Afrobeats are getting the most streams outside of Lagos include Abuja, Accra, Amsterdam, London, and Nairobi. Spotify says its commitment is to ensure that African creators earn from their art, and the platform has exposed them to 550 million active users, resulting in more streams and new audiences worldwide as the genre expands its global audience.