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 OnyemaSource: BreakingTimes