Nigerian Music Industry Has Generated 25.5 Billion Naira So Far in 2016
Artistes like D’banj, Wizkid, Davido, Tekno, Tiwa Savage, and more have contributed towards generating $51million (25.5 Billion Naira) for the Nigerian music industry in 2016.
This information was revealed at Music Week Africa (MWA) held at the Nigerian Stock Exchange, Lagos on Thursday, December 8, 2016 in a report by PricewaterhouseCoopers (PwC).
While sharing an intelligence report on the African music industry at the event, Raoul Sawhney, Finance & Technology Director MWA shared that it was possible that the industry made even more money than what reported by Pwc.
Sawhney highlighted that the auditing firm predicted that it was likely the industry would generate almost $240m per annum in the coming years.
Stakeholders in the industry including musicians, agencies, and investors gathered at the maiden edition of MWA to deliberate “The role of the music industry in revitalizing the economy”.
Three key sessions were held to discuss opportunities in music licensing and publishing industries, music and brands and event design and management.
During the ‘opportunities in music licensing and publishing industries’ session, it was revealed that PWc predicted that consumer spending on recorded music proceeds would reach $43 million in 2015. The panel evaluated how trends, distribution and the state of the nation had affected the industry and its revenue.
The African Music landscape has grown significantly in the past few years. Nigeria’s entertainment and media market is the fastest-expanding major market globally. By 2019, the market is predicted to grow in size with estimated total revenue of US$8.1 billion.
The event was attended by D’banj, Sasha P, Pryse,Michael Ugwu; General manager, Sony Music West Africa, Sam Oyemelukwe; Head of Anglophone Africa, Trace TV, Obi Asika; Founder Cabal Entertainment.
Music Week Africa was found by Audu Maikori. Maikori is also the founder and former president of Chocolate City Entertainment.