A study conducted in Nigeria by a firm, Statista, revealed that Nigeria’s music sector’s revenue is projected to increase to $44 million (roughly N18.5 billion) by 2023.
According to the research and projection by Statista, the country’s music industry’s revenue grew from $26 million in 2014 to $34 million in 2018.
This is because as technology continues to impact the music industry with easy access to music, Nigerian artists are earning streaming royalty through digital distribution platforms. The industry has also gone from CD eras to streaming eras, with streaming platforms such as Spotify, Apple Music, Audiomack, YouTube, and Boomplay.
The statistics from these studies reveal that the music industry possesses both the capacity to support millions of youths and generate considerable revenue for the economy. These artists earn royalties, which refers to payments that are paid to recording artists, songwriters, composers, publishers, and other copyright holders for the right to use their intellectual property.
As for July 2022, based on data provided, Spotify’s highest most streamed artists are: Wizkid, with 4.6 billion streamed; BurnaBoy, with 3 billion; Ckay, with 2 billion; Mr. Eazi, with 1.4billion and Davido, with 1 billion. According to a 2020 Business report, artists earn as little as $0.0033 per stream, which results in $3,300 (roughly N1.384bn) per 1 million streamed.
Ayodeji Ibrahim Balogun, popularly known as Wizkid, is the most streamed artist on Spotify, with over 4.6 billion streamed as of July 2022. Based on the current exchange rate calculation, $3,300 per 1 million streams multiplied by $4,600 equals $15.2 million.
Nigerian singer, songwriter and record producer, Burna Boy, with 3 billion streamed on Spotify using $3,300 per 1 million streams multiplied by $3,000 translates to$9.9 million. Also, 27-year-old Nigerian artist, CKay, with 2 billion streams on Spotify, using $3,300 per 1 million streams multiplied by $2, 000 equals $6.6 million.
Oluwatosin Ajibade, better known as Mr.Eazi, is a Nigerian-born and Ghana-based singer with 1.4 billion streams on Spotify. Using $3,300 per 1 million streams multiplied by $1,400 equals $4.62 million. David Adedeji Adeleke, popularly known as Davido, is a Nigerian singer, songwriter, and record producer with 1 billion streamed on Spotify using $3,300, which translates to $3.3 million.
On AppleMusic, which was compiled through chart position, the most streamed Nigerian artists topping the chart is Adekunle Gold, followed by Joeboy, Wizkid, FireboyDML, and Davido. According to Apple Music insight, the average pay rate per stream is $0.01. This means per 1 million streams artists are paid the amount of $10,000 (or N4.2 million).
The most viewed Nigeria 2022 YouTube videos are Rema, FireboyDML, BurnaBoy, KizzDaniel, and Ckay. According to a variety of sources, YouTube pays $0.18 per view, $18 per 1,000 advert views, and $3 to $5 per 1,000 video views.
