As an experienced artist and entrepreneur in the Nigerian music industry, what would you say are the key factors contributing to the growth and success of the industry in recent years?
Contributing factor in the recent years is basically improved technology/Internet . New generation don’t need to wait and hustle to be signed up, these days you can produce music on a computer in the comfort of your room, promote it on the Internet and monitize on streaming platform. Simple as that.
The new generation finds it much easier to get involved now. Unlike before when everything was done manually with longer process
From a financial perspective, what are some of the main revenue streams available to Nigerian musicians today? How have these revenue streams evolved over the years?
There several revenue streaming platforms out there, some older ones still exists while new ones are popping up every day with attractive offers. These of platforms kinda work together or are linked together especially cuz they sell your music in same various music stores out there.
Copyright infringement has been a significant issue in the music industry globally. What measures do you believe are necessary to protect the intellectual property and financial interests of Nigerian musicians?
Establishment of better structure and laws to project the artists. Music business is fluid, sometimes it’s hard to draw lines, so creating protective measure is a continuous work. In Nigeria we still have a long way to go in setting up a ln effective organisations that protect artists.
We hear of conflict of interests, abuse of power, corruptions and so on in our organisations, that’s why lots of new generation artists have more faith in foreign music organisations or royalty collecting bodies, new generation artists are no doubt prefer to sign directly with the foreign collecting bodies especially when they travel abroad.
Thankfully Nigerian music is now global anyway so it’s easy for foreign organisations to do business with Nigerian artists
In terms of music distribution, what role do digital platforms play in the Nigerian music industry? How have these platforms impacted the revenue generation and exposure opportunities for artists?
Digital platforms do play a good role in Nigerian music scene in the sense that Nigerian artists, especially the new generation artists, can now avoid the sufferings of our poor structure and sign up online with digital distributors to get paid directly without organisational stress.
Many artists in Nigeria have found success through collaborations with international artists. From a financial standpoint, what are the benefits and potential challenges associated with such collaborations?
Financially obviously they are more benefits, our artists now easily tour around the world and earn in foreign currencies plus earning respect.
From my own stand point I’ll say challenges may come up when people are arguing over who is the original creator of the particular style of music Nigerian artists are featuring foreign artists on eg, Afrobeat or Afro hip hop. We all know these genre of music started here in Nigeria but collaborations with foreign artists has now brought up some arguments amongst fans in trying to rightly answer the question: WHO BROUGHT AFROBEAT / AFRO-HIPHOP TO THE WORLD??
The concept of artist management is crucial for musicians to thrive in the industry. What advice would you give to aspiring artists regarding the importance of effective financial management and sound business decisions?
I’d advise them to be humble and do a lot readings, they should ask questions and listen to elders in this business. These it days it seems artists live extravagantly in order to show success and probably, to attract more fans but this has be down very carefully. Sometimes ability to recognize and make sound decision is inborn with the help of home training. With good management things should be alright.
Sponsorship and brand partnerships have become increasingly prevalent in the music industry. What strategies should artists employ when seeking sponsorship or brand collaboration opportunities?
Firstly artist should work with a team of well connected PR management team. Also the artist should try as much as possible to be scandal free and maintain good public image.
Live performances and concerts have traditionally been a significant revenue source for musicians. How has the COVID-19 pandemic impacted the live music scene in Nigeria, and what adaptations have artists made to generate income during this challenging period?
Personality i think the impact of covid-19 pandemic has almost completely reduced past 1 year. Live performances and concerts are back.
The Nigerian music industry has witnessed the rise of independent artists who have successfully built their brands and careers without major record label backing. What advice would you give to independent artists looking to establish themselves financially and gain wider recognition?
Work hard and pray hard. Like i said new technology has made it easier to be a successful independent artists. So focus, persistence amid dedication is what is needed to achieve their goals in music entertainment.
What role does music publishing play in the Nigerian music industry, and how can artists effectively monetize their compositions and songwriting?
Music publishing is a about distributing music. An artist can effectively monetize his intellectual property legally by signing up with a good a trusted publisher. Since music publishers play a role in the management of the intellectual property of composers and songwriters, their artists should benefit from them.
Financial literacy is essential for musicians to navigate the complexities of the music business successfully. What resources or initiatives do you recommend to improve financial literacy among artists in Nigeria?
Resources needed are a very good legal advisers made up of entertainment lawyers and experienced managers.
The Nigerian music industry has seen a surge in music streaming platforms and online radio stations. How can artists leverage these platforms to increase their earnings and reach a broader audience?
It’s simply by producing their music and uploading it online. However to actually reach a broader audience one might need to engage bloggers and influencers. Of course this requires expenses, which brings to mind the need to source for funds.
How do you see the future of the Nigerian music industry from a financial and business perspective? What trends or developments do you anticipate will shape the industry in the coming years?
Well, business wise I suppose it’ll get better especially since we’ve plugged ourselves into music global music technology and innovation.
As per future trends and development I’ll save myself headaches and let the future bring that. These days ANYTHING can suddenly start trending on the Internet. Things have because too fast and too unpredictable, only GOD knows what will influence or shape music business in the near future
Finally, what advice would you give to young entrepreneurs looking to venture into the music industry in Nigeria, particularly in terms of financial planning and building sustainable businesses?
Young entrepreneurs entering music should do proper and thorough planning. They should do serious study of the business and also engage legal advisers.
In addition they should study the streets to know what’s really selling. Personally i dislike an investor who just wanna throw in money and lay back expecting returns without putting boots on ground to enter the streets, clubs, parties or attend concerts with the artist he’s investing in order to understand the business further. This factor has led to misunderstandings between artists and label owners many times.
Also I’ll advise an entrepreneur to have few sit downs and talks with an artist he’s planning on investing in, this will help an investor to understand the character / personality of the person he’s about to invest in, it’ll help him to know if they are on same page or not regarding vision and direction.
Talent is not everything, there’s are a lot of crazy or unbalanced people with fantastic talents roaming out there.
So young entrepreneurs should do careful study of artist’s personality so as not to waste heavy funds by doing business with the wrong person.