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According to PricewaterhouseCoopers (PwC), the Nigerian music industry generated over $51 million in 2016.
Finance & Technology Director MWA, Raoul Sawhney, said that it
was possible that the industry made even more money than what was
reported by Pwc.
He said that the auditing firm predicted that it was likely the
industry would generate almost $240 million per annum in the coming
years.
Chief Executive Officer of the Nigerian Stock Exchange, Mr. Oscar
Onyema in his speech at the Music Week Africa event said Nigeria’s entertainment and media
market is the fastest-expanding major market globally.
He said by 2019, the market will be more than twice as big, with estimated total revenue of $8.1 billion.
“Less than a decade ago, the Nigerian airwaves were dominated by
international songs, and most club DJs had to ensure that the majority
of tracks on their playlists are foreign or risk the loss of their
audience. More worrisome is the fact that Nigerian artists earned
peanuts from royalty and performance. Today the story has all but
changed. Our African grown music now dominate not only our clubs, music
and TV stations but the airwaves of major African countries and the
world at large.” Mr. Oscar
Onyema
Source: BreakingTimes
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