Music streaming platform, Spotify, has said it paid over N25 billion in streaming royalties to Nigerian artists in 2023.
This is more than doubled the over N11 billion they earned from the platform in 2022.
Spotify, who disclosed this in its annual Loud & Clear report focusing on the Nigerian market, revealed that royalties to Nigerian artists have increased by 2,500 per cent since 2017.
According to the report, the number of Nigerian artists earning over N10 million in royalties quadrupled since 2018, adding that over half of the royalties went to independent artists or labels, showcasing the democratising power of streaming.
