In 2016 alone, Nigerian artistes such as D’banj, 2baba, Wikzid, Davido, Tiwa Savage, Tekno and many others contributes toward the generating of $51m for Nigeria Music Industry.
This vital information was revealed yesterday at Music Week Africa, conference (MWA), held at the Nigeria Stock Exchange in Lagos, in a report by PricewaterhouseCoopers (PwC).
Raoul Sawhney a Finance & Technology Director at MWA, says that the music industry might make more than what the PwC reports indicate.
Raoul Sawhney further 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.
However, the Music Week African consist of three sessions that 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 founded by renowned Nigeria entertainment lawyer Audu Maikori, who is founder and former president of Chocolate City Entertainment.
Report Credit: Pulse Nigeria