Afrobeats Made $100 Million In 2023, But Only 2% Of The Revenue Reached Nigeria — EYL industry spills without holding any details in a shocking interview
In a shocking interview, an industry Earn Your Leisure revealed that Afrobeats generated $100 million in 2023, yet only a meager 2% of this revenue reached Nigeria.
This disparity highlights the significant issues within the music industry, where the bulk of financial benefits are reaped by international stakeholders rather than the home country of the genre.
The interview sheds light on the exploitation and inadequate compensation that Nigerian artists and producers face, sparking discussions on the need for fairer revenue distribution and greater support for the local music industry.
In the interview he said:
The man stated that they have been working closely with the government, especially in Nigeria, to incentivize artists to use the platform there. However, what we found is that Afrobeats generated over 100 million dollars globally for the music industry in 2023, but only 2 percent of that money ended up in Nigeria. This is similar to what we have observed with reggaeton and other genres.
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