Earlier this year, Spotify launched a website dedicated to Afrobeats, revealing that streams from Afrobeats artists had grown from 2bn in 2017 to 13.5bn in 2022.
The company has continued to update the site since then with new articles, including some new stats. Here’s one that jumped out at us this week.
“In 2022, revenues generated by Nigerian artists from Spotify alone reached over 11,000,000,000 NGN,” announced Spotify.
11bn naira is around $14.2m at current exchange rates. These revenues grew 74% year-on-year.
There’s an interesting comparison to be had here with figures from the IFPI’s Global Music Report, which said that the trade value of Nigeria’s recorded music industry was up 62.3% to $8.6m in 2022.
That covers streaming *within* Nigeria, whereas Spotify’s figure is for revenues paid out for streams of Nigerian artists’ music globally.
That’s a sign of the growing exports clout of Afrobeats, in other words.
Tools: platforms to help you reach new audiences
Tools :: Wyng
Through Music Ally’s internal marketing campaign tracking, we’ve recently discovered an interesting website by the…