Since the emergence of streaming platforms, Nigerian music has seen significant growth, with artists like Ayra Starr, Tems, and Seyi Vibez achieving high streaming numbers both globally and locally.
In 2024, Spotify reported that Nigerian music consumption soared by 146% and that artists earned approximately N58 billion from streams. While digital streaming dominates global music headlines, a new report, “Basslines to Billions: Nigeria’s Music Market Intelligence Report,” confirms that the heart of the Nigerian music economy still beats strongest on stage.
The report, a collaboration between RegalStone Capital and the NCAC, reveals that live performances and touring contribute over 65% of the total artist income in Nigeria. This finding highlights the critical role of concerts, festivals, and international tours in the financial structure of the music ecosystem.
According to Burna Boy, Nigerian artists earn between $300 and $400 from 1 million streams, while the same number of streams in the UK could earn up to £4000, and in the US, about $4000.
“1000000 Nigerian streams = $300/$400. 1000000 UK streams = £3000/£4000. 1000000 US streams = $3000/$4000. 1000000 euro streams = €3000/€4000,” he wrote on an Instagram post in April 2025.
“Your song being number 1 on any streaming platform in Nigeria is not something to celebrate. Aim higher or do other businesses on the side. I type with love. #NoSignOfWeakness.”
In another post, he warned artists not to rely on hype from online fans. “Dear artistes, Don’t let Twitter polls and ‘Naija social media fans’ deceive you. They won’t fill up any stadium for you in any part of the world.”
The dominance of live events showcases the unique relationship between Nigerian artists and their audience, where physical presence and high-energy performances remain the primary drivers of revenue. This includes both local concerts and the rapidly expanding international touring circuit, which sees Nigerian stars filling stadiums across the globe.
This data is crucial for investors and policymakers, suggesting that while digital monetisation is growing, infrastructure and support for live events—both domestically and internationally—must be prioritised to sustain the industry’s projected growth to ₦1.5 trillion by 2033.
The report emphasises that live performances are forging pathways for touring, licensing, merchandising, and digital monetisation that rival traditional industries.
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