With the depleted of album sales revenue in the 21st century has led several labels and artists stick to the emergency of ring-back tone income initiatives by telcos companies.
Music Business in Nigeria is very interesting because artists, record labels, and telecom companies are raking in millions.
Ring-back tones are a great source of revenue for telecommunications operators in Nigeria. This year alone, South African telecommunications giant MTN anticipates $70-80 million in revenue, a 50% growth.
“When you call a Nigerian number, there’s a good chance you’ll hear music playing. Ringback tones cost just 25 cents a month, but artists, record labels, and telecom companies are raking in millions.”
CNN Money video below reveals more about this lucrative music licensing scheme for the music industry and telecom operators.