Nigerian music executives of the Disruptive Creative Economy Meeting Group (DCEM) have released a new report saying that the Nigerian Music Industry is set to reach revenue of $50 million by 2020.
The report also says that the Nigerian recorded music industry is poised to spike in growth over the next 3-5 years. “As the world continues to witness the globule penetration and purchasing power of mobile data and phones, so will the consumption of entertainment products from creatives increase,” it said.
The DCEM Nigerian Recorded Music Industry Report is an annual publication with data being reviewed and updated on a quarterly basis, spearheaded by Olumide Mustapha, who is lead researcher and founder of Technolawgical Partners.
Mustapha adds that increasing recognition of the potentials for the Nigerian music business has necessitated the requirement for more data about the industry.
While there is some institutional research on this sector, it has not been based on actual data from the biggest stakeholders in the industry across the entire value chain, until the DCEM report.
The DCEM is a collective of specialized professionals in this sector undergoing active research on this sector for the past 18 months to bridge this data gap.
Pictured: Igbo Rap Artist Ruffcoin
Source: The Guardian