By Nchetachi Chukwuajah
A new report has shown that the music industry in Nigeria generated N901 billion as revenue in 2024, with projection that the figures could exceed N1.5 trillion by 2033.
The market intelligence report, entitled ‘Basslines to Billions,’ was released by the National Council for Arts and Culture (NCAC) in partnership with RegalStone Capital, and provides insights for artistes, industry stakeholders, investors and policy makers.
According to the report, artistes earn from multiple sources, including streaming royalties, social media and virtual platforms, live performances and touring, brand endorsements, publishing and licensing, as well as sync deals.
It stated that live performances and touring accounted for 65.74 per cent of artistes’ earnings in 2024 and remains the industry’s biggest revenue source, followed by streaming royalties at 30.13 per cent.
Brand endorsements and partnership had 3.08 per cent, publishing and licencing income accounted for 0.73 per cent of earnings, while sync licencing had 0.32 per cent.
The report reads in part: “In our analysis, we break down the earnings contributions across various revenue streams for the music industry, showing live performances as the highest contributor of earnings for Nigerian artistes, contributing 74% to 65.74% of earnings in 2024.”
According to the report, some of the key challenges facing the industry include weak copyright enforcement, inefficient publishing systems, and inadequate infrastructure for touring and payment processing.
Others are low payouts from local streaming and social/video services, piracy, and an uneven infrastructure and access to digital services across Nigeria.
It added that tackling these challenges by investors, the government, and artistes can unlock the industry’s full potential.
It further noted that other music genres beyond Afrobeats, such as gospel, fuji, rap, and other indigenous sounds are showing an upward trajectory, saying Nigeria could tap into these for revenue diversification across regions.
The report further stated that increased investment, policy reforms and greater professionalism could pave the way for substantial growth in the country’s music sector.
It stated: “Streaming adoption is expanding rapidly, buoyed by a young, digital-native population. Global platforms are increasing investment in local operations, while international sync placements and brand deals are boosting global exposure and revenues.
“Genres beyond Afrobeats – such as gospel, Fuji, rap and indigenous sounds – are also scaling, presenting opportunities for revenue diversification across Nigeria’s regions.
“With improved royalty collection, fairer platform payouts, stronger infrastructure, and deeper global collaborations, Nigeria’s music industry is well positioned to consolidate its place as a leading cultural and economic force in Africa and beyond.”
