One of the biggest exports coming out of Nigeria right now is music, with Afrobeats stars such as Davido and Wizkid making it big on the international stage.
It’s no surprise that global music giant Universal Music Group (UMG) has expanded its tentacles and set up a new venture in Nigeria.
The world’s largest music firm is home to many popular international artists, including Drake, Eminem, Kanye West, Rihanna and Taylor Swift.
It also has record labels like Def Jam Recordings, Island UK, EMI and Cash Money Records.
Nigerian music is permeating playlists across the world, and its stars have a huge fan base.
Last month, Davido performed in front of thousands at the Wireless Music Festival in London and is due to embark on a US tour later this month.
And Wizkid made history last year by being the first Nigerian solo act to have a sold-out show at London’s iconic Royal Albert Hall.
Talent blooms
Universal Music Nigeria’s new general manager, Ezegozie Eze Jr, says there is "no better time to invest" in the West African state.
"The talent on ground is burgeoning and blooming and the international market is yearning for more," he told.
"The strategy is to take West Africa, and African music in general, to the world. "
The company already has an existing establishment in South Africa, has set up an office in Ivory Coast and has bought Kenya record label AI Records.
"Our presence in the market also means that the doors are now open for partnerships, collaborations and opportunities for our talent, both in Nigeria and across all other markets we operate in," Mr Eze says.
So far Universal Music Nigeria has signed Nigerian artists WurlD, Odunsi the Engine, Tay Iwar, and award-winning Ghanaian artist Stonebwoy.
Profitable Nigerian brand
In partnership with other UMG labels, Nigerian artist Tekno and Tanzanian singer Vanessa Mdee are also on their books.
UMG’s arrival has created a buzz in the music industry in Nigeria.
The company, based in Lagos, will be involved in a range of activities from marketing and digital promotion to music production and streaming.
Beyond this, there’s also the financial value of their investment.
Music pundit Ayomide Tayo, from Pulse Nigeria, says both the company and Nigeria’s entertainment scene will benefit.
“It shows that it’s profitable as a business to invest in a Nigerian brand or Nigerian artiste," he says.
"It’s also a big deal because it brings jobs to us."
Nigeria's entertainment and media market is the fastest-expanding major market globally.
And the country’s music industry is one of the biggest in Africa.
The revenue generated from music in 2016 was $39m (£30m), a 9% increase from the previous year, according to a PricewaterhouseCoopers (PwC) report.
It also suggested that the industry should expect an annual growth rate of 13.4% in 2021 to reach $73m.
No comments:
Post a Comment