Founder of the Headies Awards, Ayo Animashaun, has opened up about the harsh financial realities facing many Nigerian musicians, revealing that only a handful of top stars and record labels are genuinely making money.
In a recent interview with TejuBabyface, Animashaun explained that despite the entertainment industry’s growth, most artists are barely surviving due to limited income opportunities and poor streaming revenues.
He stressed that past success does not guarantee steady income, adding that the Nigerian music landscape heavily favours a select few.
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“A lot of artists are not making money. You say artists are making money. You can’t count ten that are really making money,” Animashaun said.
“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.”
He advised up-and-coming artists to reevaluate their strategies and understand their position within the industry, suggesting that they either explore more supportive markets or consider alternative paths.
“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,” he added.
