Nigerian Music Stars Shine Bright in Streaming Revenue Race
Nigeria’s top music artistes have achieved significant wealth through the booming streaming industry, as revealed by recent data shared by Boardroom on Instagram.
The data, as seen by Excel Magazine International offers insight into the number of streams required across the top 10 streaming platforms to earn $1,000.
Tidal emerges as the most artist-friendly platform, demanding only 76,924 streams for the same, followed by Apple Music and YouTube Music, requiring 100,000 and 125,000 streams, respectively.
Deezer and Amazon Music follow suit, with 156,250 and 250,000 streams, respectively, to reach the $1,000 mark.
Meanwhile, Spotify, a popular platform, ranks sixth, necessitating 303,030 streams for the same earnings. Pandora concludes the list, with a hefty requirement of 769,231 streams for $1,000 in revenue.
Given the international reach and dollarized earnings of these platforms, Nigerian artistes stand to benefit significantly.
Moreover, a study conducted by Statista in Nigeria illustrates the music sector’s impressive growth trajectory. Revenue surged from $26 million in 2014 to $34 million in 2018, with projections indicating a further increase to $44 million by 2023.
These statistics underscore the music industry’s potential to support youth employment and drive substantial economic growth.
