Volume Up: Afrobeats Reigns Supreme, Royalties Double To N25B in 2023
Afrobeats Booms Despite Artist Departures, Local Sounds Surge on Streaming Platform. Nigerian music continues to thrive despite some stars distancing themselves from the Afrobeats label.
· Afrobeats continues to dominate the Nigerian music scene, remaining the most popular genre according to Spotify.
· The streaming platform revealed a significant increase in payouts to Nigerian artists, exceeding N25 billion in royalties for 2023. This represents a double payout compared to 2022 and a staggering 2,500% increase since 2017.
· The number of Nigerian artists earning over N10 million in royalties has quadrupled since 2018, highlighting the genre's economic impact.
Despite some Nigerian music stars distancing themselves from Afrobeats, the genre continues to thrive in terms of its fanbase and listeners. In an announcement made by Spotify's Managing Director for Sub-Saharan Africa, Jocelyne Muhutu-Remy, on May 10th, the streaming platform revealed that it paid out more than N25 billion as royalties to Nigerian artists in 2023.
This amount is double what was recorded in 2022 and represents a remarkable increase of 2,500% since 2017. Muhutu-Remy also shared that the number of Nigerian singers earning over N10 million in royalties has quadrupled since 2018.
While Afrobeats remains the most popular genre in Nigeria, Spotify unveiled some interesting trends regarding other homegrown genres. Highlife witnessed a significant increase in listenership over the past year with a growth rate of 224%. Similarly, Igbo Pop experienced a surge of 303%, while Fuji saw an impressive rise of 187%.
Furthermore, these genres continued to gain traction during Q1 of 2024. Highlife witnessed a growth rate of 240%, Fuji increased.
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