In 2024, Spotify royalties to South African and Nigerian artists increased to $59 million

In 2024, Spotify paid out $59 million in royalties to South African and Nigerian musicians as the market for Afrobeats soared worldwide.

As musicians took advantage of the growing interest in African music, Spotify, the audio streaming behemoth, increased its royalties to almost $59 million last year for artists from South Africa and Nigeria, its two largest African markets.

Over N58 billion ($38 million) in royalties were paid to Nigerian artists last year, more than double the amount in 2023. South African singers received 400 million rand ($21 million) in royalties, a 54% increase from the previous year.

Their native markets accounted for a large portion of that. Over the last three years, South African artists’ exports have grown by 104%, while Nigerian artists’ exports have increased by 49%.

Meanwhile, the number of Nigerian musicians making N10 million has tripled since 2022 and has risen annually. Over the last three years, the proportion of South Africans making between 100,000 and 500,000 rand has increased.

According to Reuters, the Swedish company paid out about $10 billion in royalties globally in 2024. It stated that although Africa only makes up a small portion of its offerings, interest in African artists has skyrocketed, helped in part by globally renowned performers like Burna Boy of Nigeria and Tyla of South Africa.

According to the firm, there are currently at least 250 million user-made playlists with a Nigerian musician, and 220 million with a South African.

According to Jocelyne Muhutu-Remy, Spotify’s managing director for Sub-Saharan Africa, “what we’re seeing is an excellent evolution around more and more mid-tier or up-and-coming artists making a living.”