“The role of the Nigerian music industry in the economy” was discussed and analysed, and it was revealed that artistes like D’banj, Wizkid, Davido, Tekno, Tiwa Savage, and more have contributed towards generating $51million for the Nigerian music industry in 2016.
This was revealed on December 8, 2016 in a report by Price Water House Coopers (PwC) at Music Week Africa (MWA), founded by Audu Maikori. Maikori, also the founder and former president of Chocolate City Entertainment.
The event was held at the Nigerian Stock Exchange, Lagos, 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.
According to Raoul Sawhney, Finance & Technology Director MWA, the auditing firm predicted that it was likely the industry would generate almost $240m per annum in the coming years.
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.
Written by Clement Oluwasegun