Nigerian artists earned record-breaking royalties from Spotify in 2024, according to a new report by the global streaming giant, marking a significant milestone in the financial growth of Afrobeats and the wider Nigerian music industry.
The surge in payouts reflects the genre’s global dominance and its increasing share of international streaming revenue.
Spotify revealed that royalty payouts to Nigerian and South African artists combined crossed $60 million in 2024, with Nigerian acts accounting for the lion’s share.
This marks a 40% increase compared to 2023, fueled by the meteoric rise of artists such as Burna Boy, Davido, Wizkid, Rema, Tems, and Ayra Starr, whose tracks dominated global playlists and charts throughout the year.
The company noted that Nigeria is now among the top 20 markets globally for Spotify’s revenue growth, driven by both domestic streaming and massive consumption from diaspora audiences in the United States, United Kingdom, and Europe. Songs like Rema’s “Calm Down,” Ayra Starr’s “Rush,” and Burna Boy’s “City Boys” have become global staples, streaming billions of times.
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Speaking on the development, Spotify’s Managing Director for Sub-Saharan Africa, Jocelyne Muhutu-Remy, described the payout figures as a turning point. “For the first time, Nigerian artists are not just cultural ambassadors but also major economic beneficiaries of the streaming revolution. Afrobeats is proving that music from Africa can compete with and surpass global standards,” she said.
The announcement has been greeted with excitement by stakeholders in Nigeria’s music industry, which has long struggled with piracy and inadequate royalty structures. Industry leaders argue that the growth of streaming income is helping artists build sustainable careers while attracting investors to the sector.
“This is proof that intellectual property is the new oil,” said Obi Asika, a veteran music executive. “For years, artists relied heavily on shows and endorsements. Now, digital royalties are creating generational wealth. This is how Nigerian music will remain a global force.”
Fans, too, have taken pride in the news, celebrating the international recognition of Nigerian talent. On Twitter (X), hashtags #AfrobeatsToTheWorld and #SpotifyNigeria trended as users shared streaming milestones of their favorite artists.
However, challenges remain. Despite the growth in payouts, only a fraction of Nigeria’s tens of thousands of musicians are benefiting directly from Spotify royalties. Independent artists without access to strong distribution networks continue to face difficulties breaking into global playlists. Experts argue that Nigeria’s underdeveloped copyright enforcement system also limits how far musicians can capitalize on their work domestically.
Still, the outlook is overwhelmingly positive. Analysts predict that by 2026, streaming revenues could rival traditional live show earnings in Nigeria, reshaping the industry’s business model. With major labels like Universal and Sony increasing their investments in Lagos, Nigeria is poised to consolidate its place as the epicenter of Afrobeats and African pop.
For artists like Tems, Fireboy DML, and Asake—whose songs have amassed millions of streams—the payout surge is a sign that global recognition comes with real financial rewards. More importantly, it signals that Nigerian music is no longer just about cultural impact; it is also about economic power.
As Spotify and other platforms continue to expand their footprint in Africa, the message is clear: Nigerian music is not only thriving creatively but also cashing in on its global appeal.