Entertainment
Nigeria’s Music Industry Targets N27bn Revenue By 2020
Nigerian entertainment is projected to generate billions of naira in revenue. Global auditing firm price water house coopers has confirmed what many in the Nigerian music industry have been saying for a couple of years now. Nigerian entertainment-music-in particular is able to generate billions of naira in revenue and create a prosperous ripple effect on our economy.
In their 2016-2020 Entertainment and Media Outlooks PWC noted that the previous half decade has seen unprecedented growth, and predicts that the next four years will even be more momentous for the music industry.
According to the report, the Nigerian music industry was worth $40 million (N11 billion) in 2011 and $47 million N14 billion) in 2015. By 2020 this figure is expected to double to $86 million (27 billion). This growth is as a result of the explosion of digital distribution of music that has reduced traditional piracy – the Alaba Cartel that has held the industry back for so long.
‘Nigeria’s total music revenue is dependent on ringtones and ringback tones; says the report. It goes further to say that by 2020, more than 90 per cent of music sales in Nigeria would be on digital platforms while Smartphone penetration in Nigeria is still at only 30 per cent, that is still a huge figure and it means that close to 54 million Nigerians have access to the internet. That is still more than the entire population of South Africa and places the country at a distant second terms of the potential for growth.
2016 has been particularly good for Nigerian music. Wizkid scored a Drake feature that’s being distributed globally and earned himself a Sony deal in the process, Davido was also signed to Sony and Ayo Jay to RCA, as well as Tiwa Savage getting a ROC Nation management deal.
Popular businessman and socialite, Pascal Okechukwu, aka Cubana Chief Priest, has said that his relationship with singer Davido is beyond money and gossip.
He stated this in a recent interview with BBC Igbo.
“Davido is my friend. He is my in-law; he married Chioma who is from Imo State where I hail from.
“So the relationship I have with Davido is beyond money and gossip,” he said.
DAILY POST reports that Chief Priest disclosed via his Instagram page that his outfit for the wedding of the singer, Davido and his wife, Chioma, in Lagos on Tuesday cost seven million Naira.
The socialite recently appreciated Davido for not “discarding” Chioma.
He stated that the DMW boss has made Imo State proud by choosing to marry from the state.
Nigerian singer Simisola Kosoko, popularly known as Simi, has lent her voice to the ongoing anti-tax hike protests in Kenya.
The Tide’s source reports that Kenyan youths are marching against tax hike in widespread demonstrations tagged ‘RejectFinanceBill2024.’
Five people were shot dead and dozens wounded after police clashed with protesters who stormed the parliament building in Nairobi on Tuesday, according to Amnesty Kenya.
Reacting via her X handle on Tuesday night, Simi declared her support for the demonstrators.
She stated that “it is both powerful and heartbreaking for a people to have to fight and die for freedoms and rights.”
The singer wrote, “I stand with the people of Kenya. It is both powerful and heartbreaking for a people to have to fight and die for freedoms and rights. Godspeed and Strength. [Hash tag] RejectFinanceBill2024.”
In a series of other posts, she wrote: “Wow. When you’ve had enough, the fight is almost inevitable.
“African leaders- have not you done enough?
“I can’t wait for the day Africa is not a weapon fashioned against Africans. All of this amazing Black power and human resource, but the majority are not likely to thrive unless they run.”
Famous Nigerian Afrobeat singer, Davido was spotted among other top artistes at Asake’s ‘Lungu Boy’ tour concert in Atlanta, Georgia.
Asake’s performance at his sold-out show at the 17,000-capacity State Farm Arena in Atlanta began on August 16, 2024, and is set to run for 10 days.
In a trending video on social media, Davido appeared backstage with American rapper Quavo to support Asake during the live performance.
Other musicians in attendance included Nigerian hitmaker Zlatan and American rapper Russ Millions.
The Tide’s source reports that Asake’s ‘Lungu Boy’ tour is set to cover six U.S. cities, where he will headline notable venues including Madison Square Garden in New York, the Toyota Center in Houston, and the State Farm Arena in Atlanta.
Asake’s tour comes just days after the release of his latest hit, ‘Lungu Boy,’ which features several superstars, including Wizkid, British rappers Central Cee and Stormzy, Travis Scott and Brazilian singer Ludmilla.
‘Lungu Boy’ set a new record for the biggest opening week on Spotify Nigeria, garnering 18.9 million streams in its opening week and breaking the previous record of 14.4 million streams held by Davido’s ‘Timeless.’