2024

Fuji

Apple

Nigerian artists on Spotify earned a total of N25 billion streaming on the platform in 2023. This was disclosed in the company’s annual &nbsp;<a href="https://loudandclear.byspotify.com/" target="_blank" rel="noopener">Loud &amp; Clear</a> report which focuses on the Nigerian market. This is the second time that Spotify is releasing its data specifically on Nigeria. 
According to the streaming giant, the N25 billion paid in royalties to Nigerian artists in 2023 more than doubled the N11 billion it paid to Nigerian artists on the platform in 2022. The company also noted that royalties paid to Nigerian artists have increased by 2,500 per cent since 2017. 
Spotify launched its annual report, Loud &amp; 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. 
Commenting on the report, Spotify’s Managing Director for Sub-Saharan Africa, Jocelyne Muhutu-Remy, said the rapid increase in earnings by Nigerian artists not only proves how talented they are but also their global appeal. 
“The significant growth in royalties earned by Nigerian artists on our platform is a powerful testament to their talent, creativity, and global appeal,” she said. 
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In the report, Spotify claims that it paid a total of $9 billion to artists, labels and title holders in the past year. These rights holders include record labels, publishers, independent distributors, performance rights organizations, and collecting societies. 
That figure has nearly tripled over the past six years and represents a big part of the $48B+ Spotify has paid since its founding. The sum also sets the record for the highest annual payment to the music industry from any single retailer. 
See also: <a href="https://technext24.com/2024/05/02/spotify-vs-apple-music-vs-youtube-music/#google_vignette">Spotify vs Apple Music vs YouTube Music: Which music streaming platform is your best bet?</a> 
<h5 id="nigerian-artists-earning-above-n10-million-on-spotify-more-than-quadrupled" class="wp-block-heading">Nigerian artists earning above N10 million on Spotify more than quadrupled</h5> 
The Loud and Clear Report released by Spotify disclosed that the number of Nigerian artists earning over N10 million in royalties has quadrupled since 2018. The report also revealed that global listeners on the platform discovered Nigerian artists nearly 950 million times in 2023. 
It also added that Afrobeats remains the most listened-to genre in Nigeria, however, the country’s music scene is experiencing a genre revolution as the company’s data shows that local genres are enjoying increased popularity. 
According to it, streaming companies contribute to democratizing music distribution with over half of the N25 billion royalties paid to Nigerian artists going to independent artists or labels. 
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For the year 2023, the top 5 exported music genres from Nigeria are Afrobeats, Nigerian Pop, Afropop, Nigerian Hip Hop and Afro R&amp;B. Homegrown genres like Highlife, Igbo Pop and Fuji witnessed significantly increased listenership with Highlife growing by 224 per cent, Igbo Pop increasing by 303 per cent and the Fuji genre growing by 187 per cent. 
The report also indicates that the top Fuji artist in 2023 is K1 De Ultimate. The top fuji track is Adewale Ayuba’s Koloba Koloba. Highlife goes nostalgic as the topic track is Chief Stephen Osita Osadebe’s Nwanem Ebezina and Igbo Pop got a vibrant boost with KCee’s Ojapiano. 
<h5 id="an-impressive-year-for-spotify" class="wp-block-heading">An impressive year for Spotify</h5> 
Spotify has also enjoyed an impressive start to the year, 2024, with the streaming giant <a href="https://newsroom.spotify.com/2024-04-23/spotify-reports-first-quarter-2024-earnings/#:~:text=In%20a%20solid%20start%20to,Y%20to%20%E2%82%AC3.6%20billion." target="_blank" rel="noopener">reporting impressive numbers</a> on every metric in its first quarter 2024 report. According to the report, it recorded a total subscriber base of 239 million, representing a 14 per cent year-on-year increase. 
Its Monthly Active Users have also grown to 615 million. This represents a 19 per cent increase year-on-year. 
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More importantly, the company reported a total revenue of €3.6 billion in the first three months of the year, representing a 20 per cent year-on-year increase. It also reported a Gross Margin of 27.6 per cent as well as an improvement in operating income which rose to €168 million. 
Speaking on the impressive numbers, Co-founder and CEO Daniel Ek noted that the company is delivering on its ambition of making 2024 a year of monetization. 
“We’ve talked about 2024 as the year of monetization and we’re delivering on that ambition. Now as we’ve shifted to focus on strong revenue growth and margin expansion, we see a clear opportunity to ensure we are also continuing to grow the top of our funnel. I feel good about the changes we are implementing and remain very confident in our ability to reach the ambitious plans we have outlined,” he said.

Nigerian artists earned N25bn on Spotify in 2023, more than double the previous year

Technext.ng

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