VIDEO: Afrobeats Made $100 Million In 2023, But Only 2% Of The Revenue Reached Nigeria

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In a viral video on Twitter published by @OwnYourLeisure, an American music distributor revealed shocking insights into the financial flows within the Nigerian music industry. The distributor claimed, “But only 2% (2 billion Naira) of that money reached Nigeria. The reason is that most of the distribution companies Nigerian musicians use are based in the US or the UK since they don’t have the infrastructure in their country. When that money comes, they pay taxes of 40% in the US. The record label takes 30%, and when the money finally reaches Nigeria, it’s not even up to 10%. The industry has been built in a way that Nigerians work, and other people eat. They need to do something about it.”

Afrobeats Made $100 Million In 2023, But Only 2% Of The Revenue Reached Nigeria pic.twitter.com/WddTW6VFHy

— Earn Your Leisure (@EarnYourLeisure) July 30, 2024

This quote quickly went viral, highlighting how revenue from African talents is continuously leaving the continent. The revelation sparked discussions about the need for better infrastructure and policies to ensure more revenue stays within Nigeria.

HOWEVER, there are alternative perspectives on the issue.

In some cases, Nigerian artists might be strategically investing their money in Western projects to yield more revenue, which would later be sent back. Additionally, many artists maintain their earnings in dollars to protect themselves from the volatility of West African currencies, thus safeguarding their financial stability. The lack of funds reaching Nigeria through official music payments doesn’t necessarily mean that artists aren’t bringing money into the country through other means or investments.

The debate underscores the complexities of the global music industry’s financial landscape and the need for robust systems within Nigeria to support its artists and retain more of their earnings.

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