Nigerian Entertainment News
Africa's Music Business has come of age / it's an investors dream
Has Nigerian music, 'the undisputed ambassador of African music and beats (known as Afro-beats) come of age'?
Many potential investors will be surprised at the progression of Nigerian music, you only have to take a short sharp and investigative look at one of the world’s most listened to genres of music to see the revenue generation.
Nigerian music or musicians of Nigerian heritage/influence have become truly mesmeric, with a huge undefined and underestimated market both in Nigeria and Internationally. It stands to reason that Nigeria with over 170 million people and hundreds of thousands of people in Diaspora should possess the unbridled potential of harnessing a truly thriving music industry.
As little as 5 years ago, the industry known as (Afro-Beats) possessed inadequate and underdeveloped areas such as marketing, music and artist management, piracy, stereotypical views, lack of investment and sluggish innovation, which led to the market being left behind. But there has been an evolution with regards the market moving upwards and onwards. A major factor is the Hip-hop industries heavy weights, Like Kanye West initially signing D’Bang before he joined ‘Akon’s Konvict Muzik Label. Mr West also signed super producer Don Jazzy to his label G.O.O.D Music.
Nollywood: A flourishing Film Industry & a guiding light for entertainment in Africa
Nollywood is Nigeria’s premier industry after the recent emergence of Nigerian influenced afro beats. The movie making sector is a rich sector to invest in while still at its growth stage, support services such as marketing and online services will also see a crucial development phase.
The Nigerian film industry is undoubtedly helping create jobs in a country with an economy that relies mainly on oil and agriculture. Over a million people are currently employed in the industry, making it the country’s largest employer after agriculture. Although Nigeria’s economy will grow by 7% this year, according to the African Development Bank, insufficient jobs for a growing youth population continue to be a huge concern.
The Nigerian Music Industry
When we discuss the Nigerian music industry we are now inadvertently taking a short sharp and innovative look at one of the world’s most listened to genres of music. Nigerian music or musicians of Nigerian heritage/influence have become truly dominant (within a short space of time). It stands to reason that Nigeria with over 150 million people and hundreds of thousands of people in Diaspora should possess the unbridled potential of harnessing a truly thriving music industry.