By Akinyemi Ayinoluwa
In Nigeria, the music business has never been this viable. Huge transactions are conducted and entertainers and music executives have never had it so good. The resilience in the Nigerian spirit and her entrepreneurial might has quaked the African continent, and is steadily infiltrating other parts of the globe.
My country of birth, Nigeria, has one more shot at showcasing its rich culture and impacting the world with her creativity. Talent is never in short supply in the Africa’s most populated country. Nonetheless, only a small fraction of the many hopefuls breast the tape of success in record time. I am concerned about the greed and uncanny tendencies many creative entrepreneurs-particularly music executives are exhibiting in recent times. The question is this: Why do they bite more than they can chew?
I consider it mischievous and naive when executives of record companies make promises they can’t keep, or throw their egos around shamelessly to score cheap points. In recent times, I meet with owners of start-up labels and ask if there is a budget in place to ensure the operations of the company is well managed and sustainable, the answers I get make me cringe, and I feel sorry for unsuspecting talents signed to the company. I am a witness to too many failed startup companies and I just wish there can be an abatement of the current madness. Record executives just need to be more familiar with the realities they are likely to deal with as they attempt to build a viable entertainment company.
It is biting more than you can chew when you take on too many tasks at the same time, even when you lack the requisite wherewithal to stay afloat in the faces of challenges that will be impediments to a successful outing.
One of such instances prevalent is the issue of misappropriation of funds. Entertainment is the new bride, everyone wants a piece of the action, and in recent times, affluent individuals are lending their ears to the call for more investments in the sector. Many labels-heads have been beneficiaries of this call; they have received the requisite funds, but have spent it like drunken sailors. It usually ends in an ugly mess, where the moneys yield no return on investment and accounts cannot be rendered.
These failed label executives get lost in the hype and come up short at the end of the day. This is often caused by the lack of a first hand experience with an organic method of building and exploiting Talents signed to a record company. They never had a plan, neither did they priorities, they got milked by the Payola in the media and sweet-talking individuals who add no value in the music landscape, but bestride it. They become another sad example of why investors should look away from music startups.
Another sickening example is when a label that is yet to have a B-list or A-list Talent on its stable signs more talents than it can adequately cater to. I chuckle when I meet these lots, they barely have enough budget for an artist, but they are desirous of signing four (4) or five (5) talents at the same time. This is a disaster waiting to happen. For those who care to listen, I remind them they will be competing for space with already established talent who have a bigger war-chest (production and promotion budget) than they have, and that if they will be splitting the meager funds, time, clout and expertise they possess amongst four (4) obscure Talents they have a slimmer chance at survival in the long term.
It is reasonable that a record company identifies a Talent it can adequately turn into a viable brand before it enlists others to join its stable. The business of making stars or breaking superstars is expensive and cut-throat. It is a fickle business where nothing is promised. It is best to grow organically and gather momentum in a strategic fashion.
My advice to Label or Talents is worth its weight in gold. Do not get caught up in the hype or braggadocio. Think Yemi Alade, Falz, Sean Tizzle, Bez. These guys are well catered to by their management team or label, no label mates to contend with for available resources. Others who don’t have it this good would remain in the trenches for a long time, or better yet enjoy being video vixens and successes that are not theirs.
