Recently shared by Boardroom on Instagram, insights into the earnings of Nigeria’s top music artists unveil their status as dollarized multi-millionaires. The data discloses the number of streams required across the top 10 platforms to earn 1 thousand dollars.
Topping the list is Tidal, recognized as the most artist-friendly platform, demanding just 76,924 streams to earn 1 thousand dollars. Following closely are Apple Music and YouTube Music, requiring 100,000 and 125,000 streams, respectively.
Deezer and Amazon Music claim the next spots, with an artist’s music needing 156,250 and 250,000 streams, respectively, to reach the 1 thousand dollars mark.
Surprisingly, Spotify takes the 6th position, necessitating 303,030 streams for an artist to earn 1 thousand dollars. Pandora concludes the list with 769,231 streams equaling the same reward.
Nigerian artists, with their content available on these international platforms, capitalize on the dollarized earnings. Statista’s study in Nigeria indicates the music sector’s revenue growth from 26 million US dollars in 2014 to 34 million dollars in 2018, with a projected increase to 44 million dollars by 2023. These figures underscore the industry’s potential to support youth and contribute significantly to the economy.
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