Analysis from the highest number of digital music downloads and streaming revealed a total estimated revenue of $20m monthly with Tekno, Olamide, Wizkid and Davido emerges top earning artistes in 2016.
According to Sam Onyemelukwe, managing director, Trace EMC Limited, the earnings are estimated between $US15 million and $US20 million monthly, which amounts to between $US180 and $US240 million annually, Which is between N54.9 billion and N73.2 billion annually, based on an average official exchange rate of N305 to the US dollars.
In an exclusive network at The Brook, Business Day’s corporate office in GRA, Apapa, Lagos. on Tuesday, December 29, 2016, the Trace boss said that about 80 percent of music downloads in the country are the works of Nigerian artistes and are done primarily on mobile networks.
He further revealed that MTN controls about 35 percent of total market share with its MTN Music Plus service, as the leading telecommunication platform, while Apple’s iTunes leads the other non-telecommunication platforms.
Written by Clement Oluwasegun