Spotify pronounces that Nigerian artists generated over $14 million in income on its platform alone in 2022 within the firm’s newest report on the expansion of Afrobeats.
Spotify’s newest report on the expansion of Afrobeats on the platform was launched on Thursday, and the corporate studies that Nigerian artists generated over $14 million in income from its platform alone in 2022. Spotify’s streaming income in 2022 noticed 74% progress year-on-year, greater than the 64% income progress recorded by all the Nigerian music trade final yr.
“Our dedication at Spotify is to make sure that skilled musicians make a residing from their work,” mentioned 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 method of holding ourselves accountable and holding true to our mission to allow artists to stay off their artwork.”
The corporate disclosed that the variety of Nigerian artists producing greater than $13,000 in royalties from the platform has additionally considerably elevated. Spotify mentioned the expansion of the Afrobeats style has moved from West Africa to the worldwide stage, emphasizing the recognition of music originating from Nigeria and Ghana.
“The variety of Nigerian artists who generated greater than 5 million NGN and 10 million NGN in royalties from Spotify alone has elevated by almost 25% over the past yr,” the report says. “Whereas Nigerian music trade revenues general have grown 63% from 2021 to 2022 (in response to IFPI), revenues generated by Nigerian artists — from Spotify alone — grew 74% over this identical interval.”
In line with Spotify’s report, the highest cities the place Afrobeats are getting essentially the most streams exterior of Lagos embrace Abuja, Accra, Amsterdam, London, and Nairobi. Spotify says its dedication is to make sure that African creators earn from their artwork, and the platform has uncovered them to 550 million energetic customers, leading to extra streams and new audiences worldwide because the style expands its international viewers.