Not up to 10 Nigerian artists are making money

Ayo Animashaun, founder of HipTV and The Headies Awards, has said the Nigerian music industry is not as lucrative as it is perceived by many.

He disclosed that most Nigerian artists and record labels are struggling financially, adding that only a handful of Nigerian artists are actually thriving.

During a recent interview with TejuBabyface, Animashaun made the revelation, explaining that the local streaming market offers minimal returns compared to the international market.

He noted that while ‘the big names’ are making it big in the industry, the lesser-known artists are really struggling. He added that they struggle with both income from streaming and live shows.

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Animashaun said, “A lot of artists are not making money. You say artists are making money. You can’t count ten that are really making money.

“In Nigeria right now? No, you can’t. The big names, the big names, the big names and a few record labels. Other than that, the other ones struggle.

“They really do struggle. I know a lot of them. They really do struggle.

“The industry may seem big, but the ones that are made and there are not so many that are consistent. Some have made money in the past. Are they still making money now? And streaming.

“What you get from streaming in Nigeria is not what you get from streaming anywhere else around the world. It’s just peanuts. Just peanuts.

“How many shows, how many shows do the other artists that are not the big names headline or they even perform on? What do they give them? Where’s the money coming from? So, the few artists that are buying all the things in the world, they can do anything.

“There are so many that are struggling to just, you know, look good and just see whether something big will happen the next time. So, yes, the industry is emerging and if you’re in that industry, you have to understand the stage you are in the industry and either you go do something else or you flip the script probably have it somewhere else where they understand it better and they appreciate it more and they can give you more or stop doing it.”

Animashaun added, “While a few enjoy lavish lifestyles, most are simply managing appearances and hoping for a big break.”

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He therefore advised artists to assess their position in the industry objectively and either explore more lucrative markets, adapt their strategies, or consider alternative career paths.