With a 74% growth rate on streaming revenue, Spotify recorded $14 million for Nigerian artists in 2022 for Afrobeats. This is a clear indication of what is at stake in the music industry and its commendable how the genre is growing and people are getting remunerated accordingly.
“Our commitment at Spotify is to ensure that professional musicians make a living from their work,” said 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 way of keeping ourselves accountable and keeping true to our mission to enable artists to live off their art.”
In a recent report from Spotify, figures have indicated a growing industry evidenced by year on year findings.
“The number of Nigerian artists who generated more than 5 million NGN and 10 million NGN in royalties from Spotify alone has increased by nearly 25% over the last year. While Nigerian music industry revenues overall have grown 63% from 2021 to 2022 (according to IFPI), revenues generated by Nigerian artists — from Spotify alone — grew 74% over this same period.”
With the way people including myself have been raving on about Afrobeats, this report affirms how the genre is growing and its satisfying how people are being remunerated accordingly. Social media and the woke era has enabled the genre to grow at a faster rate as people all over the world have taken a liking to Afrobeats. It was all a matter of time before African music became mainstream and looking at the trends I expect the $14 million figure to rise to $20 million in 2023.
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