Audio streaming giant Spotify recently reported that it paid $10 billion in royalties in 2024—the largest annual payout to the music industry in the platform’s history.
This brings Spotify’s total payouts to nearly $60 billion since its founding.
In 2014, around 10,000 artists each earned at least $10,000 per year on Spotify, while today, over 10,000 artists generate over $100,000 annually.
Interest in global talent is rising too, with Africa gaining momentum thanks to breakout stars like Tyla and Burna Boy.
According to Spotify, over 250 million user-generated playlists now feature at least one Nigerian artist, while more than 220 million include a South African act—clear signs of the continent’s growing global presence on the platform.
In 2024 alone, Nigerian acts earned over $38 million in royalties, more than double the figure from the year before. South African performers brought in $21 million, marking a 54% year-on-year increase.
A large chunk of that revenue is coming from beyond their borders. Over the past three years, Nigerian artists have seen export growth rise by 49%, while South Africa’s export numbers have soared by 104%.
In Nigeria, the number of artists making at least ₦10 million annually has doubled since last year and tripled compared to 2022. Meanwhile, in South Africa, the number of artists earning between R100,000 and R500,000 has doubled over the last three years.
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