Leading global auditing firm Pricewaterhouse Coopers in their recent report revealed that Nigerian music industry will hit billions of naira in revenue in the next three years.
Over the past few years, business experts has foresee Nigeria Music Industry as untapped industry with unprecedented growth to create a prosperous ripple effect on our economy. Nigerian Music Industry to Hit N27 Billion Industry in 3 Years.
The recent report by PriceWaterhouse Coopers, for 2016-2020 Entertainment and Media Outlook, see that the industry was worth around $40 million (N11 billion) in 2011 and $47 million (N14 billion) in 2015. The report further foresee that by 2020 this figure is expected to double to $86 million (N27 billion). This growth is as a result of the explosion of digital distribution of music that has reduced traditional piracy – the Alaba cartel that has held the industry back for so long.
” Nigeria’s total music revenue is dependent on ringtones and ringback tones’, says the report. It goes further to say that by 2020, more than 90 percent of music sales in Nigeria would be on digital platforms.”
With recent penetration of smartphone in Nigeria, which is around 30 per cent index, which means that about 54 millions Nigerian out 170 millions have access to internet. That is about total population of South-Africa, which places Nigeria distant second in terms of the potential economy growth.