GIST: Nigerian music industry generates $51m in 2016, reports reveal

Power Weplayvibes

Friday, 9 December 2016

Artistes like D’banj, Wizkid,
Davido, Tekno, Tiwa
Savage, and more have
contributed towards
generating $51million for
the Nigerian music industry
in 2016.

This information was revealed at
Music Week Africa (MWA) held at
the Nigerian Stock Exchange , Lagos
on Thursday, December 8, 2016 in a
report by PricewaterhouseCoopers
(PwC).
While sharing an intelligence report
on the African music industry at the
event, Raoul Sawhney, Finance &
Technology Director MWA shared
that it was possible that the industry
made even more money than what
reported by Pwc.
Sawhney highlighted that the
auditing firm predicted that it was
likely the industry would generate
almost $240m per annum in the
coming years.
Stakeholders in the industry
including musicians, agencies, and
investors gathered at the maiden
edition of MWA to deliberate “The
role of the music industry in
revitalizing the economy”.
Three key sessions were held to
discuss opportunities in music
licensing and publishing industries,
music and brands and event design
and management.
During the 'opportunities in music
licensing and publishing industries'
session, it was revealed that PWc
predicted that consumer spending
on recorded music proceeds would
reach $43 million in 2015. The panel
evaluated how trends, distribution
and the state of the nation had
affected the industry and its
revenue.
The African Music landscape has
grown significantly in the past few
years. Nigeria’s entertainment and
media market is the fastest-
expanding major market globally. By
2019, the market is predicted to
grow in size with estimated total
revenue of US$8.1 billion.
The event was attended by D’banj,
Sasha P, Pryse,Michael Ugwu;
General manager, Sony Music West
Africa, Sam Oyemelukwe; Head of
Anglophone Africa, Trace TV, Obi
Asika; Founder Cabal Entertainment.
Music Week Africa was found by
Audu Maikori. Maikori is also the
founder and former president of
Chocolate City Entertainment

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Title : GIST: Nigerian music industry generates $51m in 2016, reports reveal
Description : Artistes like D’banj, Wizkid, Davido, Tekno, Tiwa Savage, and more have contributed towards generating $51million for the Nigerian...
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