Digital concert is the new source of revenue for many Nigerian artistes, no thanks to the Coronavirus pandemic. The artistes, whose earnings have declined significantly since the virus outbreak in March, are now seriously exploring the capabilities of YouTube and Instagram as a means of earning gig fees during the lockdown.
A series of gig cancellations: In late Q1, the music industry was not spared by the COVID-19 onslaught, as many Nigerian artistes were forced to cancel their local and international shows. An A-list artiste like 2face Idibia had to postpone his Cameroon concert. Davido also postponed his “A Good Time” tour in North America, even as Asa postponed her London and Lagos concerts.
There were other artistes like WizKid, Burnaboy, Seun Kuti and many gospel singers who lost their March and Easter bookings.
Elsewhere, international events like Coachella and Glastonbury shows —where Nigerian performers like Seun Kuti and Burna Boy were billed to earn performance fees —were also cancelled.
Loss of revenue: Tickets to these concerts in Nigeria usually start at a fee of N2000 to as high as N1 million, depending on the kind of seat/ticket bought. It could be a Diamond table, VVIP, VIP, or regular table. Meanwhile, Nigerian A-list entertainers charge at least five figures in dollars for international shows.
Negative impacts expected: The cancellation of these shows will have an impact on their projected earnings in H1 2020. Davido, in one of his Twitter Q&As after cancelling his tour, told a fan who requested for money that there is “no money for now … no show in sight abeg … we all Dey here together.”
— Davido (@davido) April 2, 2020
Another popular singer, Seyi Shay, also tweeted about the impact of the lockdown, saying:
“I don’t even wanna talk about how much money I’ve lost cos of this global lockdown! Shows, endorsements, deals!!!! I pray The Almighty restores EVERYTHING that my fellow artistes and YOU have lost ! #weshallovercome.
“Noone wants to talk about it, but me i go talk am ooo! This is real inside life. This sucks!! Plenty work and gigs locally and internationally CANCELLED! God when #weshallovercome ko ni da fun coronavirus (it will not be good for Coronavirus)!”
I don't even wanna talk about how much money ive lost cos of this global lockdown 😡😡😡! Shows, endorsements, deals!!!!
I pray The Almighty restores EVERYTHING that my fellow artistes and YOU have lost ! 💛🙏 #weshallovercom e
— Seyi Shay INTERNATIONAL BAD GYAL (@iamseyishay) April 13, 2020
Artistes depend on digital shows to survive: By the time a cure for Coronavirus is discovered, the way we live would have been impacted dramatically. In the meantime, changes are already being experienced in the music industry.
2face Idibia, Asa and many Nigerian musicians have begun to go with the tide, initiating work-from-home events as well. While private sectors are using video conferencing apps like Skype and Zoom to communicate with their workers, these artistes are using YouTube and Instagram to organise shows. In march, the likes of Seyi Shay, Reekado Banks, Timi Dakolo, Simi and many other artistes took part in a YouTube Live show.
While most Nigerian artistes have been doing digital shows from their homes, 2face Idibia switched it up a notch on April 12, 2020, by performing on a concert-designed stage on Instagram Live. For this reason, it was called the first E-concert. The show was organised by Trophy Extra Stout. Similarly, Asa and Davido held a show organised by music streaming platform, UduX Livestream, on April 13, 2020.
While the gig fees for these digital shows are not disclosed, these artistes usually charge between six figures to N1 million and above for performance pre-COVID-19 in Nigeria. And with private organisations sponsoring this digital shows, they are still expected to earn six figures and above.
The use of YouTube and Instagram Live to organise shows have shown just how vital tech has been within the COVID-19 era and the lockdown period. Even Mark Zuckerberg’s Facebook has been giving its Facebook Live much exposure recently, reminding the public that its platform can be used to organise shows as well.
So while these entertainers cannot earn as much as they projected from local and international shows, tech giants like YouTube, Instagram and Facebook have built platforms that ensure they don’t lose out completely. This therefore proves that as technology advances, so will the capabilities of humans.
The problem with Digital gigs: While these online shows are the perfect replacement for cancelled gigs in the meantime, it might be hard to sustain in the long run as data price is still on the high side in Nigeria. That’s why a musician like 2face Idibia, who has over 5 million followers on Instagram, could only attract a paltry 2000 viewers during his Instagram Live concert.
Although the Minister of State for Labour and Employment, Festus Keyamo, had urged network providers to offer their subscribers free data, MTN Nigeria and Airtel have ignored him. The network providers have chosen to offer their subscribers free SMS instead.
Twitter shows interest in buying TikTok
TikTok has come under fire from US lawmakers over national security concerns surrounding data collection.
Twitter has now reached out to TikTok owner, ByteDance, showing interest in buying the US operations of the video-sharing app, private sources familiar with the matter told Reuters.
It, however, looks like a herculean task for Twitter in outbidding Microsoft, and concluding the megadeal deal in 45 days, as directed by US President, Donald Trump.
The odds against Twitter:
Twitter has a market capitalization of around $30 billion, almost as much as the same valuation of TikTok’s US operation. What this means, therefore, is that Twitter will need to raise additional funds before the deal could see the light of day.
“Twitter will have a hard time putting together enough financing to acquire even the U.S. operations of TikTok. It doesn’t have enough borrowing capacity,” said Erik Gordon, a professor at the University of Michigan.
“If it (Twitter) tries to put together an investor group, the terms will be tough. Twitter’s own shareholders might prefer that management focus on its existing business,” he added.
However, one of Twitter’s major shareholders, private equity firm Silver Lake, is interested in supporting Twitter in part for the required funds needed to pull the deal through, one of the sources to Reuters added.
“Twitter has also privately made a case that its bid would face less regulatory scrutiny than Microsoft’s, and will not face any pressure from China given that it is not active in that country,” the sources said.
ByteDance, Twitter, and TikTok declined to comment.
TikTok has come under fire from US lawmakers over national security concerns surrounding data collection.
Some days ago, Nairametrics reported about Microsoft’s offer to acquire TikTok’s U.S operation, following the recent escalation of President Trump’s attacks on TikTok and other Chinese tech firms.
AXA Mansard insurance divests from AXA Mansard pension as new owner emerges
This disclosure was made in a notification that was sent to the Nigerian Stock Exchange.
AXA Mansard Insurance Plc has announced its divestment from its subsidiary, AXA Mansard Pension Limited, after agreeing to sell its stake to Eustacia Limited, a member of the Verod Group.
This is part of the insurance firm’s plan to focus on and grow its insurance businesses across all parts of the country.
This disclosure was made in a notification that was sent to the Nigerian Stock Exchange (NSE) on August 8, 2020, by AXA Mansard Insurance Plc and signed by its Company Secretary, Mrs Omowunmi Mabel Adewusi.
AXA Mansard Insurance disclosed that Eustacia Limited was selected as the preferred bidder, after the completion of a bid process. AXA Mansard along with the minority shareholder agreed to sell the entire issued ordinary share capital of AXA Mansard Pensions comprising of 60% shareholding (2,067,672,000 shares) held by AXA Mansard Insurance Plc and 40% shareholding (1,378,448,000 shares) held by the minority shareholder.
The statement from AXA Mansard Insurance reads, ‘’AXA Mansard Insurance Plc announces the divestment from its subsidiary, AXA Mansard Pensions Limited. After obtaining the Shareholder’s approval at the Company’s Extra-Ordinary General Meeting held on the 13th of February 2020, the Company commenced the process of divestment by appointing Messer Rand Merchant Bank as the Financial Advisers while Aluko & Oyebode acted as the Legal Advisers on the transaction.’’
‘’Upon completion of a bid process, Eustacia Limited (a member of the Verod Group) was selected as the preferred bidder. The Company along with the minority Shareholder entered into a sale and purchase agreement with Eustacia Limited to divest the entire issued ordinary share capital of AXA Mansard Pensions comprising of 60% shareholding (2,067,672,000 shares) held by AXA Mansard Insurance Plc and 40% shareholding (1,378,448,000 shares) held by the minority shareholder.’’
The insurance firm, also in its statement said that the divestment has received letters of no objection from the National Insurance Commission (NAICOM), National Pension Commission (PENCOM) and the Federal Competition & Consumer Protection Commission (FCCPC).
It should be noted that the completion of the divestment is, however, subject to the receipt of the final approval of the National Pension Commission.
In his reaction, the CEO of AXA Mansard Insurance Plc, Kunle Ahmed, said that this transaction marks a new step in the insurance firm’s broader strategy to focus on and grow their life, property & casualty and health businesses across all its geographies. He said that the AXA Group sees great potential in the Nigerian insurance market and believes they are ideally placed to capture these opportunities due to its market leadership position.
On his part, the CEO of AXA Mansard Pension Limited said that they are confident about Verod’s strong commitment to providing the company with the requisite support to actualize their promise to its clients and stakeholders.
A partner at Verod Group, the new owners, Eric Idiahi, said, ‘’We strongly believe that this is the ideal time to enter the market and that AXA Mansard Pensions provides an excellent beachhead from which to establish a consolidated position and gain market share.’’
Nairametrics reported early this year that AXA Mansard Insurance Plc announced that its shareholders have approved the company’s plan to sell its pension management subsidiary, AXA Mansard Pensions Ltd and some undisclosed real estate investments.
COVID-19 Update in Nigeria
On the 8th of August 2020, 453 new confirmed cases and 6 deaths were recorded in Nigeria.
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 46,140 confirmed cases.
On the 8th of August 2020, 453 new confirmed cases and 6 deaths were recorded in Nigeria, having carried out a total daily test of 3,903 samples across the country.
To date, 46,140 cases have been confirmed, 33,044 cases have been discharged and 942 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 314,632 tests have been carried out as of August 8th, 2020 compared to 310,729 tests a day earlier.
COVID-19 Case Updates- 8th August 2020,
- Total Number of Cases – 46,140
- Total Number Discharged – 33,044
- Total Deaths – 942
- Total Tests Carried out – 314,632
According to the NCDC, the 453 new cases were reported from 20 states- FCT (75), Lagos (71), Benue (53), Delta (39), Borno (30), Enugu (25), Plateau (24), Osun (20), Abia (19), Oyo (17), Kaduna (16), Kano (13), Ebonyi (13), Ogun (9), Kwara (7), Ondo (6), Gombe (3), Ekiti (2), Akwa Ibom (1) and Rivers (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 15,768, followed by Abuja (4,376), Oyo (2,860), Edo (2,376), Rivers (1,939), Kano (1,622), Delta (1,596), Kaduna (1,566), Ogun (1,439), Plateau (1,421), Ondo (1,284), Enugu (905), Ebonyi (851), Kwara (833), Katsina (746), Borno (682), Abia (644), Gombe (629), Osun (625), and Bauchi (576).
Imo State has recorded 476 cases, Benue (409), Nasarawa (367), Bayelsa (346), Jigawa (322), Akwa Ibom (235), Niger (226), Adamawa (185), Ekiti (161), Sokoto (154), Anambra (142), Kebbi (90), Zamfara (77), Taraba (72), Cross River (68), Yobe (67), while Kogi state has recorded 5 cases only.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
|Date||Confirmed case||New cases||Total deaths||New deaths||Total recovery||Active cases||Critical cases|
|August 8, 2020||46140||453||942||6||33044||12154||7|
|August 7, 2020||45687||443||936||6||32637||12114||7|
|August 6, 2020||45244||354||930||3||32430||11884||7|
|August 5, 2020||44890||457||927||17||32165||11798||7|
|August 4, 2020||44433||304||910||14||31851||11672||7|
|August 3, 2020||44129||288||896||8||20663||22570||7|
|August 2, 2020||43841||304||888||5||20308||22645||7|
|August 1, 2020||43537||386||883||4||20287||22567||7|
|July 31, 2020||43151||462||879||1||19565||22707||7|
|July 30, 2020||42689||481||878||5||19270||22541||7|
|July 29, 2020||42208||404||873||5||19004||22331||7|
|July 28, 2020||41804||624||868||8||18764||22172||7|
|July 27, 2020||41180||648||860||2||18203||22117||7|
|July 26, 2020||40532||555||858||2||17374||22300||7|
|July 25, 2020||39977||438||856||11||16948||22173||7|
|July 24, 2020||39539||591||845||12||16559||22135||7|
|July 23, 2020||38948||604||833||20||16061||22054||7|
|July 22, 2020||38344||543||813||8||15815||21716||7|
|July 21, 2020||37801||576||805||4||15677||21319||7|
|July 20, 2020||37225||562||801||12||15333||21091||7|
|July 19, 2020||36663||556||789||11||15105||20769||7|
|July 18, 2020||36107||653||778||6||14938||20391||7|
|July 17, 2020||35454||600||772||3||14633||20049||7|
|July 16, 2020||34854||595||769||9||14292||19793||7|
|July 15, 2020||34259||643||760||6||13999||19500||7|
|July 14, 2020||33616||463||754||10||13792||19070||7|
|July 13, 2020||33153||595||744||4||13671||18738||7|
|July 12, 2020||32558||571||740||16||13447||18371||7|
|July 11, 2020||31987||664||724||15||13103||18160||7|
|July 10, 2020||31323||575||709||20||12795||17819||7|
|July 9, 2020||30748||499||689||5||12546||17513||7|
|July 8, 2020||30249||460||684||15||12373||17192||7|
|July 7, 2020||29789||503||669||15||12108||17012||7|
|July 6, 2020||29286||575||654||9||11828||16804||7|
|July 5, 2020||28711||544||645||11||11665||16401||7|
|July 4, 2020||28167||603||634||6||11462||16071||7|
|July 3, 2020||27564||454||628||12||11069||15867||7|
|July 2, 2020||27110||626||616||13||10801||15693||7|
|July 1, 2020||26484||790||603||13||10152||15729||7|
|June 30, 2020||25694||561||590||17||9746||15358||7|
|June 29, 2020||25133||566||573||8||9402||15158||7|
|June 28, 2020||24867||490||565||7||9007||14995||7|
|June 27, 2020||24077||779||558||4||8625||14894||7|
|June 26, 2020||23298||684||554||5||8253||14491||7|
|June 25, 2020||22614||594||549||7||7822||14243||7|
|June 24, 2020||22020||649||542||9||7613||13865||7|
|June 23, 2020||21371||452||533||8||7338||13500||7|
|June 22, 2020||20919||675||525||7||7109||13285||7|
|June 21, 2020||20242||436||518||12||6879||12847||7|
|June 20, 2020||19808||661||506||19||6718||12584||7|
|June 19, 2020||19147||667||487||12||6581||12079||7|
|June 18, 2020||18480||745||475||6||6307||11698||7|
|June 17, 2020||17735||587||469||14||5967||11299||7|
|June 16, 2020||17148||490||455||31||5623||11070||7|
|June 15, 2020||16658||573||424||4||5349||10885||7|
|June 14, 2020||16085||403||420||13||5220||10445||7|
|June 13, 2020||15682||501||407||8||5101||10174||7|
|June 12, 2020||15181||627||399||12||4891||9891||7|
|June 11, 2020||14554||681||387||5||4494||9673||7|
|June 10, 2020||13873||409||382||17||4351||9140||7|
|June 9, 2020||13464||663||365||4||4206||8893||7|
|June 8, 2020||12801||315||361||7||4040||8400||7|
|June 7, 2020||12486||260||354||12||3959||8173||7|
|June 6, 2020||12233||389||342||9||3826||8065||7|
|June 5, 2020||11844||328||333||10||3696||7815||7|
|June 4, 2020||11516||350||323||8||3535||7646||7|
|June 3, 2020||11166||348||315||1||3329||7522||7|
|June 2, 2020||10819||241||314||15||3239||7266||7|
|June 1, 2020||10578||416||299||12||3122||7157||9|
|May 31, 2020||10162||307||287||14||3007||6868||7|
|May 30, 2020||9855||553||273||12||2856||6726||7|
|May 29, 2020||9302||387||261||2||2697||6344||7|
|May 28, 2020||8915||182||259||5||2592||6064||7|
|May 27, 2020||8733||389||254||5||2501||5978||7|
|May 26, 2020||8344||276||249||16||2385||5710||7|
|May 25, 2020||8068||229||233||7||2311||5524||7|
|May 24, 2020||7839||313||226||5||2263||5360||7|
|May 23, 2020||7526||265||221||0||2174||5131||7|
|May 22, 2020||7261||245||221||10||2007||5033||7|
|May 21, 2020||7016||339||211||11||1907||4898||7|
|May 20, 2020||6677||284||200||8||1840||4637||7|
|May 19, 2020||6401||226||192||1||1734||4475||7|
|May 18, 2020||6175||216||191||9||1644||4340||7|
|May 17, 2020||5959||388||182||6||1594||4183||7|
|May 16, 2020||5621||176||176||5||1472||3973||7|
|May 15, 2020||5445||288||171||3||1320||3954||4|
|May 14, 2020||5162||193||168||3||1180||3815||4|
|May 13, 2020||4971||184||164||6||1070||3737||4|
|May 12, 2020||4787||146||158||6||959||3670||4|
|May 11, 2020||4641||242||152||10||902||3589||4|
|May 10, 2020||4399||248||142||17||778||3479||4|
|May 9, 2020||4151||239||127||11||745||3278||4|
|May 8, 2020||3912||386||118||10||679||3115||4|
|May 7, 2020||3526||381||108||4||601||2818||4|
|May 6, 2020||3145||195||104||5||534||2507||1|
|May 5, 2020||2950||148||99||5||481||2370||4|
|May 4, 2020||2802||245||94||6||417||2291||2|
|May 3, 2020||2558||170||88||2||400||2070||2|
|May 2, 2020||2388||220||86||17||351||1952||2|
|May 1, 2020||2170||238||69||10||351||1751||2|
|April 30, 2020||1932||204||59||7||317||1556||2|
|April 29, 2020||1728||196||52||7||307||1369||2|
|April 28, 2020||1532||195||45||4||255||1232||2|
|April 27, 2020||1337||64||41||0||255||994||2|
|April 26, 2020||1273||91||41||5||239||994||2|
|April 25, 2020||1182||87||36||3||222||925||2|
|April 24, 2020||1095||114||33||1||208||855||2|
|April 23, 2020||981||108||32||3||197||753||2|
|April 22, 2020||873||91||29||3||197||648||2|
|April 21, 2020||782||117||26||3||197||560||2|
|April 20, 2020||665||38||23||1||188||466||2|
|April 19, 2020||627||86||22||2||170||436||2|
|April 18, 2020||541||48||20||2||166||356||2|
|April 17, 2020||493||51||18||4||159||317||2|
|April 16, 2020||442||35||13||1||152||277||2|
|April 15, 2020||407||34||12||1||128||267||2|
|April 14, 2020||373||30||11||1||99||263||2|
|April 13, 2020||343||20||10||0||91||242||2|
|April 12, 2020||323||5||10||0||85||228||2|
|April 11, 2020||318||13||10||3||70||238||2|
|April 10, 2020||305||17||7||0||58||240||2|
|April 9, 2020||288||14||7||1||51||230||2|
|April 8, 2020||274||22||6||0||44||226||2|
|April 7, 2020||254||16||6||1||44||204||2|
|April 6, 2020||238||6||5||0||35||198||2|
|April 5, 2020||232||18||5||1||33||194||2|
|April 4, 2020||214||5||4||0||25||185||0|
|April 3, 2020||209||25||4||2||25||180||0|
|April 2, 2020||184||10||2||0||20||162||0|
|April 1, 2020||174||35||2||0||9||163||0|
|March 31, 2020||139||8||2||0||9||128||0|
|March 30, 2020||131||20||2||1||8||121||0|
|March 29, 2020||111||22||1||0||3||107||0|
|March 28, 2020||89||19||1||0||3||85||0|
|March 27, 2020||70||5||1||0||3||66||0|
|March 26, 2020||65||14||1||0||2||62||0|
|March 25, 2020||51||7||1||0||2||48||0|
|March 24, 2020||44||4||1||0||2||41||0|
|March 23, 2020||40||10||1||1||2||37||0|
|March 22, 2020||30||8||0||0||2||28||0|
|March 21, 2020||22||10||0||0||1||21||0|
|March 20, 2020||12||4||0||0||1||11||0|
|March 19, 2020||8||0||0||0||1||7||0|
|March 18, 2020||8||5||0||0||1||7||0|
|March 17, 2020||3||1||0||0||0||3||0|
|March 16, 2020||2||0||0||0||0||2||0|
|March 15, 2020||2||0||0||0||0||2||0|
|March 14, 2020||2||0||0||0||0||2||0|
|March 13, 2020||2||0||0||0||0||2||0|
|March 12, 2020||2||0||0||0||0||2||0|
|March 11, 2020||2||0||0||0||0||2||0|
|March 10, 2020||2||0||0||0||0||2||0|
|March 9, 2020||2||1||0||0||0||2||0|
|March 8, 2020||1||0||0||0||0||1||0|
|March 7, 2020||1||0||0||0||0||1||0|
|March 6, 2020||1||0||0||0||0||1||0|
|March 5, 2020||1||0||0||0||0||1||0|
|March 4, 2020||1||0||0||0||0||1||0|
|March 3, 2020||1||0||0||0||0||1||0|
|March 2, 2020||1||0||0||0||0||1||0|
|March 1, 2020||1||0||0||0||0||1||0|
|February 29, 2020||1||0||0||0||0||1||0|
|February 28, 2020||1||1||0||0||0||1||0|