Nigeria’s music industry, currently valued at an estimated $600 million, according to the RegalStone’s comprehensive Basslines to Billions: Nigeria’s Music Market Intelligence Report, is setting its sights on a significant milestone: hitting $1 billion in revenue by 2033. This ambitious target was a central theme of a recent industry session, which followed the publication of RegalStone’s report. The session, led by RegalStone managing partner Fiyin Ogunlesi, saw key stakeholders Director-General of the NCAC Obi Asika and The Plug co-founder Bizzle Osikoya discuss strategies needed to unlock this next level of growth.
The Director General of the NCAC, Obi Asika, expressed even greater optimism, stating he sees “no reason why by 2035 the Nigerian music industry driven by Afrobeats, àlte, highlife… shouldn’t be about 2 to 2.5 billion dollars per annum.” He highlighted that music is a powerful activator, driving fashion, dance, and Nollywood, and is a major component of global ad spend. However, achieving this growth requires a concerted effort to professionalize the sector and tap into under-monetized areas.
A major hurdle identified by Bizzle Osikoya, co-founder of The Plug, is the lack of financial structure and transparency among artists. He noted that many artists “can’t tell you how much they make” and “don’t keep contracts,” which makes it difficult to track revenue and attract skeptical investors. Osikoya suggested that for the industry to scale, artists need better education on intellectual property, business structure, and tax remittance, as well as support in royalty collection.
The path to $1 billion involves not only increasing global deals but also conquering the domestic market. As Obi Asika noted, “The biggest place we haven’t monetized is Nigeria.” This includes building more venues for live touring, improving infrastructure, and developing the merchandise market. The consensus is that by focusing on professionalization, domestic market growth, and leveraging the music’s soft power, the industry can confidently reach and exceed its financial goals.
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