Spinlet is a privately held company which was formed in 2006 in Finland and bought by Nigerian investors. It was launched in 2011 in Nigeria and has regional offices in Lagos as well as the USA and South Africa. It hit 650 000 subscribers in 2013 and targets to have 50 million by the end of 2018. Currently, Spinlet has 835 400 monthly unique visitors, who can choose from a library containing 50 000 local artists (according to 2013 data). Artists or aggregators can upload music to the site and receive 90% of the money generated from selling it, with 10% going to the company. The payout per stream is currently about US$0.0038. Genres on the site include Afrobeat, gospel, dancehall, Fuji, Highlife, Hip-Hop, Hiplife, House, Jújú, Kwaito, Reggae, RnB, and Traditional.
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