Share FacebookTwitterPinterestLinkedinWhatsappTelegramEmail 3.7K [articletop] 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. More Articles You Would Love On The Contrary! News Emerges Jonathan Majors Was Rather The Victim Of Assault By His Girlfriend South Africa Rocks Mozambique Fashion Week 2015 With Bahia Luz, Dope, Sies! isabelle and House Of Ole 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. follow Them Here follow Her/Him Here get The Look/Outfit Here Read More Like This On [penci_button link=”https://www.fashionghana.com/category/african-fashion-news/about-nigeria/” icon=”fa fa-address-book” icon_position=”left” radius=”5px” size=”small” text_color=”#ecd29a” text_hover_color=”#ffffff” background=”#111111″ hover_bgcolor=”#000000″]Nigeria[/penci_button] [penci_button link=”https://www.fashionghana.com/category/african-fashion-news/celebrity-watch/” icon=”fa fa-address-book” icon_position=”left” radius=”5px” size=”small” text_color=”#ecd29a” text_hover_color=”#ffffff” background=”#111111″ hover_bgcolor=”#000000″]Celebrity Watch[/penci_button] VISIT OUR SHOP Hot Add to cart Quick ViewAdd to Wishlist Mud Cloth Trophy Jacket Womenswear, Clothes, Boutique, Designer/Brand, FashionGHANA Designs, Jackets & Blazers, Standard Measurements Sizes Rated 4.50 out of 5 $120.00 Hot Add to cart Quick ViewAdd to Wishlist Mud Cloth Trench Coat In Midi Length Womenswear, Clothes, Boutique, Designer/Brand, FashionGHANA Designs, Jackets & Blazers, Standard Measurements Sizes Rated 5.00 out of 5 $220.00 Hot Add to cart Quick ViewAdd to Wishlist African Print Two-Piece Bikini Womenswear, Clothes, Boutique, Designer/Brand, FashionGHANA Designs, Swimwear, Standard Measurements Sizes Rated 4.67 out of 5 $60.00 Hot Add to cart Quick ViewAdd to Wishlist Fohrella Long Sleeve Asymmetric Baroque/Kente Shirt With Trousers Shirts, Button Shirts, Menswear, Clothes, Boutique, Designer/Brand, Fohrella, Trousers, Straight Trousers, Standard Mens Sizes $250.00 Hot Add to cart Quick ViewAdd to Wishlist Fohrella Ash Jeans & Wax Print Shirt & Shorts Menswear, Clothes, Boutique, Designer/Brand, Fohrella, Shorts, Knee Length Shorts, Shirts, Short Sleeve Shirts $140.00 Hot Add to cart Quick ViewAdd to Wishlist Mikoko Deluxe Deep V Swimwear Womenswear, Clothes, Boutique, Designer/Brand, Mikoko Deluxe, Swimwear, One Piece, Standard Measurements Sizes Rated 4.33 out of 5 $85.00 Hot Add to cart Quick ViewAdd to Wishlist African Print Mini Wrap Dress With Puff Sleeves Designer/Brand, FashionGHANA Designs, Womenswear, Clothes, Boutique, Dresses, Mini Dress, Wrap Dress, Standard Measurements Sizes $140.00 Hot Add to cart Quick ViewAdd to Wishlist African Print Wide Sleeve Maxi Wrap Dress Womenswear, Clothes, Boutique, Designer/Brand, Dresses, FashionGHANA Designs, Maxi Dress, Wrap Dress, Standard Measurements Sizes $180.00 UPCOMING PRIORITY EVENTS! 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