Sales revenue from Nigerian music to hit $88m by 2019

The music industry in Nigeria has witnessed an exponential growth over the last decade, and has become arguably Nigeria’s most popular export.

The growth is encouraging more and more young people locally to pick up music related careers.

The prospects and growth potentials of the lucrative industry cannot be overemphasised judging by the humongous figures quoted as revenues expected from the sale of music in years to come.

Pricewaterhouse Coopers (PwC), an auditing firm, in a recent report said revenue from music sales in Nigeria, Africa’s most populous country, was $56 million that year, and predicted it would grow to $88 million by 2019.

Read also: Nigeria’s creative industry to gross N16bn by 2017

PwC in the report also said Nigeria’s entertainment and media industry had an estimated total revenue of $4.8 billion in 2015 and was likely to grow to $8.1 billion in 2019, making it “the fastest-expanding major market globally”.

A pointer to the growing influence of Nigerian music in Africa and around the world is the fact that talented acts such as Wizkid, Davido, Tekno and YCEE have all penned mouth watering deals with Sony Music Entertainment Worldwide and have had collaborations with international acclaimed artists.

At a time Nigeria is struggling to negotiate its way out of prevailing economic crunch, it is also worthy to note that the creative, nay music industry has been identified by the Minister of Information and Culture, Mr Lai Mohammed as having the potential of getting the country out of the present economic recession.

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