On Thursday, the company issued a statement to our correspondent, revealing a 63% increase in revenues within the Nigerian music industry from 2021 to 2022.
Notably, their earnings from Spotify alone surged by 74% during the same period.
The company highlighted that in 2022, there was a 25% growth in the count of Nigerian artists who earned royalties exceeding N5 million and N10 million solely from Spotify.
It’s important to note that this data only considers Spotify earnings and doesn’t encompass other revenue streams like concert tickets, merchandise, or various services.
Jocelyne Muhutu-Remy, Spotify’s Managing Director for Sub-Saharan Africa, emphasized their commitment to supporting musicians’ livelihoods through their platform.
By disclosing the 2022 revenues generated by Nigerian artists, Spotify aims to uphold its mission of enabling artists to sustain themselves through their artistic work.
Furthermore, the company drew attention to the surge in Afrobeats’ popularity, highlighting its cross-border influence not only in music but also as a conduit for sharing food, dance, and language.
The company also pointed out that beyond Lagos, key cities where Afrobeats garners significant streams include London, Paris, Abuja, Nairobi, Amsterdam, and Accra.
