Nigerian music industry generated N901bn in 2024, could reach N1.5trn by 2033 – Report

The Nigerian music industry reportedly generated an impressive N901 billion in revenue in 2024, with a powerful growth trajectory that could see it surpass N1.5 trillion by 2033.

The figures were unveiled in a market intelligence reporttitled ‘Basslines to Billions,’ released by the National Council for Arts and Culture (NCAC) in partnership with RegalStone Capital.

The report provides actionable insights for artistes, industry stakeholders, investors, and policymakers.

It reveals that artistes earn from multiple streams, including streaming royalties, social media and virtual platforms, live performances and touring, brand endorsements, publishing and licensing, and sync deals.

The report added that live performances and touring remain the industry’s biggest revenue source, accounting for 65% of artistes’ earnings, followed by streaming royalties at 30.13%.

“In our analysis, we breakdown the earnings contributions across various revenue streams for the music industry, showing Live performances as the highest contributor of earnings for Nigerian Artists, contributing 74% to 65.74% of earnings in 2024,” it reads in part.

The report also highlighted key challenges facing the industry, including weak copyright enforcement, inefficient publishing systems, and inadequate infrastructure for touring and payment processing.

It suggests that investors, the government, and artists can unlock the full potential of the industry by tackling key challenges.

Recommended solutions include increased investment, policy reforms, and greater professionalization, paving the way for substantial growth in Nigeria’s music sector. (The Cable)