Nigerian Music Industry Thrives as Spotify Royalties Surge Over 58 Billion Naira

 

The Nigerian music scene is experiencing a historic boom as Spotify’s royalty payouts to local artists surged in 2024, surpassing 58 billion naira (approximately $38 million). 

 According to experts in the field, this remarkable rise is clearly indicative of the expanding global appeal of Nigerian music and the growing influence of Nollywood stars in the digital streaming era.

 The royalty payments, according to recent reports, more than doubled from the previous year, indicating increased streaming revenues and renewed optimism among Nigerian musicians and producers. 

This financial upswing is expected to empower artists, fuel innovative music projects, and expand the country’s international footprint in the music industry.

 Experts attribute this surge to a combination of factors, including the rapid expansion of digital streaming platforms, effective promotion of Afrobeat and other indigenous genres, and the strong, vibrant online fan communities that have rallied behind Nigerian artists worldwide.  

The industry anticipates that these trends will only accelerate as Spotify continues to invest in emerging markets, driving further growth and diversity in Nigerian music.

 Leaders in the industry are hopeful that the increased royalties will open the door to more high-quality productions, lucrative collaborations, and increased global recognition for Nigerian music's rich cultural tapestry. As the financial landscape shifts in favor of digital streaming, the Nigerian music community is set to enter a new era of innovation, creativity, and international acclaim.