Nigerian Music Streaming Revenues Hit $100 Million in 2024

Nigeria’s music streaming industry has reached a significant milestone, with revenues expected to surpass $100 million by the end of the year. This growth is fueled by the increasing global demand for Nigerian music, particularly Afrobeats, and the expansion of digital streaming platforms across Africa.

According to data from the Nigerian Entertainment and Media Outlook report, the country’s music streaming revenue has grown at an average annual rate of 25% over the past five years. This surge has been attributed to the rise of popular artists such as Burna Boy, Rema, Tems, and Wizkid, whose international success has drawn millions of listeners to platforms like Boomplay, Spotify, and Apple Music.

Key Drivers of Growth

The widespread use of smartphones and improved internet access in Nigeria and across Africa have also played a crucial role in driving the growth of music streaming. With more affordable data plans and access to streaming apps, Nigerian consumers are increasingly turning to digital platforms to access their favorite music.

In addition, global recognition of Nigerian music has opened doors for international partnerships and collaborations. Nigerian artists are now featured on global playlists, reaching new audiences and driving subscription-based revenue.

Streaming Platforms in Nigeria

Spotify, which launched its Nigerian service in 2021, now reports over 2 million active users in the country. Local platforms such as Boomplay and Audiomack have also experienced significant growth, with Boomplay reporting a 35% increase in subscriptions in the first half of 2024 alone.

Apple Music, which remains a premium platform, has also witnessed a steady rise in subscribers, largely driven by the exclusivity of new music releases and curated playlists that cater to Nigerian tastes.

Impact on Nigerian Artists

For Nigerian artists, this revenue boom has led to greater financial independence and opportunities to reach international markets. Streaming royalties have become a major source of income, helping artists and record labels reduce their dependence on physical sales and live performances.

As the Nigerian music industry continues to evolve, experts predict that streaming will remain a dominant force, not only reshaping how music is consumed but also shaping the global music landscape. With projections pointing to even greater growth in 2025, the future looks promising for Nigeria’s entertainment sector.