ShareMusic streaming giant Spotify has revealed that it paid over N25 billion in streaming royalties to Nigerian artists in 2023. Remarkably, royalties to Nigerian artists on Spotify have surged by a staggering 2,500% since 2017, underscoring the rapid growth of music streaming and its revenue potential for the Nigerian music industry. However, it’s important to note that artists also earn royalties from other major streaming services like YouTube Music, Apple Music, and Amazon Music. A previous global report indicated that Spotify paid a total of $9 billion in royalties to artists worldwide in the past year. This growth is part of a broader surge in the African music market, driven by the rise of paid streaming services.

Source: The North Africa Journal May 17, 2024 20:21 UTC