Nigerian Artistes Secure N11 Billion Revenue from Spotify
Nigerian artists have generated a total of N11 billion in revenue on the Spotify music streaming app in 2022.
The subject of this week’s update to Spotify’s Afrobeats: Journey of a Billion Streams site is the cultural exportation that is currently taking place as a result of Afrobeats’ popularity in the worldwide media.
Spotify launched Afrobeats: From West Africa to the Global Stages last month, and the site has so far travelled through Afrobeats’ origins in Ghana and Nigeria, progression into the current sound, and fusion with various genres.
The rise in popularity of Afrobeats can be attributed to a number of reasons, including international collaborations, the power of social media, the rise in music streaming, and the African diaspora.
According to the platform’s Managing Director for sub-Saharan Africa, Jocelyne Muhutu-Remy, in a statement, she made mention of a 63 percent revenue rise in the Nigerian music industry in 2022 from 2021 and 74 percent growth in revenue solely on Spotify, judging from the same time frame.
As high as 25 percent of Nigerian artists have generated a value of 5 to 10 million in royalties from the Spotify platform. Stating that the aforementioned revenue figures were generated solely from Spotify, excluding earnings from other sources. In her words, she stated that “Our commitment at Spotify, is to ensure that professional musicians make a living from their work”.
Speaking for the company, Jocelyne Muhutu-Remy made mention that Spotify is keen on getting its active users at 550 million, to be opened to works of art created by African artistes; which will also facilitate earnings for the artistes.
According to Kuvora’s research, which was commissioned by Spotify, 28% of fans believe that international collaborations are one of the primary factors driving the expansion of Afrobeats.
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