Revenue from the Nigerian music industry grew from $26 million in 2014 to $34 million in 2018.
The revenue is billed to surpass $44 million in 2024.
Music streaming in Nigeria has increased from 1.4 million subscribers in 2016 to about 12.8 million in 2024, with platforms like Spotify, Apple Music, and Boomplay leading the charge.
This growth has roused the interest of international music conglomerates around the world, leading them to take unprecedented and significant steps towards securing a strong market presence in Nigeria’s music industry.
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These conglomerates — Universal Music Group, Sony and Def Jam — are partnering with local record labels and entering recording contracts with popular Nigerian talents.
In this episode of Our 2 Kobo Podcast, the gang and Akinyemi Ayinoluwa, an entertainment lawyer and partner at Hightowers Solicitors & Advocates, observed the surge of savvy international music entrepreneurs and industry players into the Nigerian music market and how Nigerian artists must be aware of their rights and negotiate fair contracts.
Ayinoluwa emphasised the importance of intellectual property protection for Nigerian creatives, urging singers, lyricists, and producers to be informed and proactive when negotiating music deals.
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Watch the full episode below. Do not forget to let us know what your thoughts are on the creatives in the Nigerian music scene, and your perception of the quality of their art and craft, in the comment section.
Also, let us know the people you would love to see on set, and topics you want us to treat in coming episodes.
Send your recommendations, complaints, and suggestions to [email protected].
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