Burna Boy, Wizkid, Davido, Other Nigerian Musicians Rake in N58bn in Royalties From Spotify
- In the year 2024, Nigerian musicians have earned about ₦58 billion in royalties from Spotify alone
- The impressive growth in number is five times higher than 2022 and more than double that of 2023
- The development demonstrates how the Nigerian music industry is growing quickly on a global basis
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Nigerian music has achieved a significant financial milestone as royalties earned by artists on Spotify alone surpasses N58 billion in 2024.
Source: UGC
This staggering figure is more than double that of 2023 and five times greater than 2022 in what captures the impressive growth of Nigerian music.
Spotify's 2024 Loud & Clear report, which stated that the platform paid out 10 billion USD in royalties in 2024—a phenomenal 100% growth from its payout ten years prior—is headlined by this astounding figure.
The study also shows that the number of Nigerian musicians earning N10 million in Spotify royalties has more than doubled since 2023 and more than tripled when compared to 2022 numbers, highlighting the rapidly expanding Nigerian music industry on a worldwide scale.
"We remain committed to empowering Nigerian artists to earn from their art whilst maintaining transparency with artists and stakeholders," says Jocelyne Muhutu-Remy, Spotify's Sub-Saharan Africa Managing Director.
"The incredible growth of Nigerian music, both locally and globally, is a testament to the talent and creativity within Nigeria, and we are proud to support its continued rise."
2024 financial highlights
Spotify editorial playlists now feature over 1,900 Nigerian artists, a 33% increase over 2023. In 2024, new Spotify users discovered Nigerian musicians more than 1 billion times.
Listeners outside of Nigeria accounted for a large amount of the N58 billion in royalties that Nigerian musicians received.
The globalization of Nigerian music is reflected in the fact that a sizable amount of the streaming income earned by Nigerian musicians comes from listeners outside the nation.
It also serves as a reminder that Nigeria must improve its internet infrastructure and strengthen its economy in order to boost streaming capacity in the nation.
The study also emphasizes the wider cultural influence of Nigerian music, pointing out that listeners around the world stream Nigerian artists for an average of over 1.1 million hours, and that users have made about 250 million playlists with Nigerian artists, whose exports have increased by 49% in the last three years.
Source: Getty Images
Local consumption of Nigerian content has also increased by 206% annually, with a notable 782% increase in the last three years.
Meanwhile, Spotify recently announced a significant increase in its monthly subscription fees for premium subscribers, raising the cost from N900 to N1,300, effective November 2024.
In an email to its users, the music streaming giant explained that the adjustments are necessary to support ongoing innovations in its product offerings and enhance user experience.
Top Nigerian earners on YouTube, TikTok, Spotify, others in 2025
Legit.ng reported that Nigerians are increasing their earnings from content platforms such as TikTok, YouTube, X, Spotify and other platforms as content creation blossoms in Nigeria.
Nigerian artists earned about N50 billion in royalties from Spotify in 2024. The figure is more than double the amount paid by the music-streaming platform the previous year and five times greater in 2022.
Spotify Africa’s managing director, Jocely Muhutu, disclosed that the payments show the rising global demand for Nigerian music and the platform’s commitment to supporting artists.
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Source: Legit.ng
