🍔 Quick Bite: Nigerian artists earned a record-breaking ₦58 billion ($37.5 million) in royalties from Spotify in 2024, more than double their 2023 earnings, showing Afrobeats’ unstoppable global rise. Despite this growth, their share remains a fraction of Spotify’s $10 billion global payout.
🧠 The Breakdown
Nigerian music is everywhere. It’s blasting from speakers in Lagos, playing in clubs in London, and topping global charts. And now, there’s money to back up the hype: ₦58 billion ($37.5 million) in Spotify royalties in 2024 alone according to Spotify’s Loud & Clear report. That’s more than double what Nigerian artists made in 2023 and five times their earnings in 2022.
But let’s put things into perspective. Spotify paid out $10 billion globally last year, and Nigeria’s share is just a small piece of that pie. Even with Afrobeats dominating playlists worldwide, the numbers raise an important question: Are Nigerian artists finally making serious money from streaming, or are they still fighting for their fair cut?
More artists are earning big, but is it enough?
One of the biggest wins from this report is that more Nigerian artists are making good money from streaming. The number of musicians earning over ₦10 million in royalties has more than doubled, possibly influenced by exchange rate fluctuations. That means more names are moving beyond just exposure and actually seeing real revenue from their music.
It’s a big deal because streaming platforms have often been accused of favouring the top 1% of artists, while smaller acts struggle to break through. This shift shows that more Nigerian musicians are finding their way into the Spotify money circle, but it also highlights just how much further things need to go.
At the same time, Nigerian music is reaching more people than ever. Over 1,900 Nigerian artists got featured on Spotify’s editorial playlists last year; 33% more than in 2023. Globally, Nigerian songs have been discovered by over a billion first-time listeners.
Spotify is aggressively promoting Nigerian music, and the results are obvious. Around 250 million Spotify playlists now feature Nigerian songs, and Nigerian users alone have created 6 million of those playlists.
For the fourth year in a row, Nigerian artists dominated Spotify’s most-streamed songs worldwide. Burna Boy, Rema, Asake, Ayra Starr, and Tems are regulars on international charts.
Local demand is growing
It’s not just international listeners driving this growth. Local demand for Nigerian music skyrocketed by 146% in 2024, pushing Nigeria to 25th place in global streaming rankings. But what’s even surprising is the 206% jump in local content consumption, which is 782% higher than the past three years combined.
For years, Nigerian artists relied on international listeners for most of their streaming revenue. But now, Nigerians at home are streaming their artists more than ever. This could change everything, from how music is marketed to how much leverage artists have in negotiations with streaming platforms. If Nigerians are streaming their music at this scale, it means there’s an opportunity for local artists to build stronger fan-driven economies, which could give them more power.
Spotify’s play in Nigeria’s music industry
Spotify isn’t just benefiting from this growth; it’s actively shaping it. To advance the Afrobeats movement, the company has been hiring local experts, hosting industry events, and working closely with Nigerian artists.
Nigerian pop culture analyst Ayomide Tayo told Rest of World that Spotify has taken a unique approach in Nigeria compared to other international music platforms.
“Spotify has boots on the ground. It doesn’t feel like you’re talking to someone from Berlin, New York, or London. They’ve hired Nigerians with influence, and they’ve shown they’re willing to put money where their mouth is.”
The numbers prove it. Between 2017 and 2022, the number of Afrobeats streams on Spotify increased by 550%. In 2023 alone, the genre was streamed over 14 billion times, with London, Paris, and Nairobi ranking among the top cities consuming it.
Spotify has also invested in on-the-ground activities in Nigeria. Between 2023 and now, it has hosted multiple workshops, album launches, and music networking events to connect artists with industry professionals.
Streaming pays, but it’s not enough
While streaming revenue is climbing, it’s still just one piece of the puzzle. The reality is, most artists can’t rely on streaming alone to sustain their careers. Spotify’s payout per stream is estimated to be between $0.003 and $0.005, which means even millions of streams might not translate to significant earnings, especially after label cuts.
That’s why many Nigerian artists are diversifying their income streams. Live shows, brand partnerships, YouTube monetisation, and fan-supported platforms like Audiomack’s “Supporters” feature are all becoming essential parts of an artist’s revenue mix.
For the industry to truly thrive, Nigerian artists need stronger streaming deals, better local infrastructure, and more investment in the music business itself. The growth is undeniable, but so is the untapped potential.
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