Nigeria’s vibrant music sector has recorded a remarkable ₦901 billion ($600 million) in revenue for 2024, according to a comprehensive industry report titled “Basslines to Billions: Nigeria’s Music Market Intelligence Report.”
The groundbreaking publication, jointly released by the National Council for Arts and Culture (NCAC) in partnership with RegalStone Capital, represents the most detailed financial and structural analysis of the Nigerian music ecosystem to date.
The report was unveiled under the supervision of Honourable Hannatu Musa Musawa, Minister of Art, Culture, Tourism and the Creative Economy, alongside Obi Asika, who serves as Director-General of the NCAC. The document integrates financial modeling with cultural analytics to provide a complete assessment of Nigeria’s music economy and its expansion potential.
Live Performances Drive Industry Revenue
According to the findings, live performances and touring activities constitute 65.7% of total artist income in Nigeria, highlighting the overwhelming importance of physical events and concerts in the country’s music business model. This revenue stream significantly outpaces other income sources, emphasizing the continued relevance of direct audience engagement.
Streaming platforms and social media monetization contribute 30.1% to overall artist earnings, while brand partnerships, music publishing, and synchronization licensing account for a modest 3%. The report identifies these latter categories as significantly underdeveloped, representing what analysts describe as a “sleeping giant” with substantial growth potential.
Projected Growth to ₦1.5 Trillion
The report projects that Nigeria’s music industry could reach a valuation of ₦1.5 trillion (approximately $1 billion) by 2033, provided that key structural challenges are addressed. This growth trajectory positions the sector as a critical component of Nigeria’s economic future.
To compile the report, researchers utilized platform analytics, artist earnings data, and expert insights from major industry players including Spotify, YouTube, Boomplay, MTN, The Plug, Duke Concept, and Megaletrics. This collaborative approach created a comprehensive baseline for tracking performance across various value chains, from streaming to touring, licensing, and digital monetization.
Critical Challenges Identified
Despite the impressive revenue figures, the report identifies several obstacles that threaten long-term sustainability. These include inadequate copyright enforcement mechanisms, inefficient music publishing structures, and the urgent need for reform of collection societies responsible for royalty distribution.
The analysis emphasizes that rights collection systems currently lack the efficiency, transparency, and trust necessary for optimal functioning. Weak copyright protection, fragmented rights management, and limited synchronization opportunities further constrain revenue potential, particularly in the publishing sector.
Infrastructure Investment Needed
The report calls for increased investment in touring infrastructure, broadband internet access, and digital payment systems to strengthen Nigeria’s position as Africa’s creative industry hub. These improvements are deemed essential for unlocking the full economic potential of the music sector.
The findings will serve as a foundation for discussions at NECLive 2025, scheduled for Friday, November 28, where leading artists and industry executives are expected to explore strategies for translating the report’s data into actionable policy, funding initiatives, and innovation opportunities for Nigeria’s creative economy.
Industry stakeholders view the report as a crucial tool for attracting both domestic and international investment while providing policymakers with evidence-based recommendations for sector development.