Muyiwa Awoniyi, manager to Grammy-winning Nigerian singer Tems, has offered some insights into the inner workings of streaming revenue in Nigeria.
In his breakdown, Awoniyi revealed that streaming revenue accrues from streams originating from Nigeria is far less than that from streams from more economically developed countries.
Awoniyi offered the insights while appearing on a recent episode of the Afrobeats Intelligence podcast.
Going specifically, Awoniyi revealed that while “one million streams in Nigeria generate approximately $300,” the same number of streams in Sweden, Spotify’s home country, fetch between “$8,000 and $10,000”.
The music executive blamed Nigeria’s substantially low streaming revenue on cheap music streaming subscription fees and a struggling economy.
He said, “Do you know how much a million streams is worth out of Nigeria? It’s $300. I am telling you facts, it is N900 to subscribe to Spotify and Spotify treats things territorially.
“A lot of people do not know this, by the way. So for me, I always knew that if my IP is anchored to a region where one million streams is $300, I am cooked. I knew this from Nonso’s time because, like I said, the trickle-down effect of the economy is going to hit the citizens regardless.
“I mean, your purchasing power is going to be limited. Do you know the highest territory for streaming Spotify? Sweden is where Spotify is from. Your one million streams is between 8-10 grand.”
Recently, Burna Boy had echoed the same sentiment when he took to social media to advise his colleagues not to rely solely on streaming revenue from Nigeria. He urged them to work to grow their fan base outside the country.
