Digital music downloads and streaming in Nigeria have become the most favourable source of revenue for local musicians, particularly Tekno, Olamide, Wizkid and Davido.
The earnings are estimated between $US15 million and $US20 million monthly, which amounts to between $US180 and $US240 million annually, according to Sam Onyemelukwe, managing director, Trace EMC Limited.
This comes to between N54.9 billion and N73.2 billion annually, based on an average official exchange rate of N305 to the US dollars.
Top artistes and earners from music downloads and streaming have been adjudged to be Tekno, Olamide, Wizkid and Davido according to Onyemelukwe.
In an exclusive network at The Brook, BusinessDay’s corporate office in GRA, Apapa, Lagos. on Tuesday, December 29, 2016, the Trace boss said that about 80 percent of music downloads in the country are the works of Nigerian artistes and are done primarily on mobile networks.
Onyemelukwe revealed that telecommunication companies lead others in the music download and streaming business in the country, with MTN controlling about 35 percent of total market share with its MTN Music Plus service, while Apple’s iTunes leads the other non-telecommunication platforms.
Pulse.ng is Nigeria’s online news platform. 24/7 news, gist, music, movies, lifestyle, events, sports and more.
SUBSCRIBE HERE FOR MORE
VISIT OUR WEBSITE