Nigeria's Music Industry Generates ₦901 Billion Revenue, Projected to Reach ₦1.5 Trillion by 2033
The report on Nigeria's music industry reveals a revenue of ₦901 billion in 2024, with a forecast to reach ₦1.5 trillion by 2033. The study, conducted by NCAC and Regalston Capital, highlights the dominance of live performances and tours in artists' income, alongside social media streaming and brand partnerships.
It emphasizes the untapped potential in secondary revenue streams like digital platforms and calls for critical reforms to ensure long-term sustainability. The report positions Nigeria as Africa's creative hub, with a focus on enhancing infrastructure, copyright enforcement, and investment in the music ecosystem.
Plus234Feed summary based on reporting from Nigerian Tribune. Read the original report below.
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