International business publication Stears has declared the Nigerian music industry as the second best-performing Entertainment and Media consumer market in the world.
Details: On Thursday, 1st September 2022, Stears Business revealed that the Nigerian Music industry is the second best-performing Entertainment and Media consumer market in the world.
They further state that the industry is expected to generate $73 million in 2023.
Does this come as a surprise?: The emergence of the Nigerian music industry as the second best-performing entertainment consumer market is a success albeit there has been constant growth in the sector over the years.
The music industry has seen a re-entry of major global labels who are investing in the pool of talent as a way to partake in the boom of Afrobeats which has become one of the fastest-growing genres globally.
Nigeria’s unique position as the hub of Afrobeats has allowed it to attract investment through music streaming services, Record labels, Publishing Companies, and even investment companies who are looking to cash in on the boom.
Despite little or no support from the Nigerian government, the music industry has been able to grow and set the pace as Nigeria’s main cultural currency through which it’s influencing the world.