Nigerian artists earned an estimated $395 million from touring and live performances in 2024/2025, reinforcing the dominance of concerts, festivals, and tours as the primary revenue driver in the country’s music industry, according to industry data and stakeholder insights.
The figures are contained in Basslines to Billions: Nigeria’s Music Market Intelligence Report, a first-of-its-kind publication that combines financial rigor with cultural insight to quantify Nigeria’s music economy.
The report was developed through a collaboration between the National Council for Arts and Culture (NCAC) and RegalStone Capital, and provides a comprehensive analysis of the industry’s revenue structure, employment potential, and global value chain.
Data from the report show that live events accounted for about 66% of total artist earnings, highlighting the continued importance of physical and ticketed performances in Nigeria’s evolving music ecosystem.
The strong contribution reflects rising consumer demand for live entertainment and the expanding global touring footprint of Nigerian artists.
In comparison, digital streaming and virtual platforms generated an estimated $181 million, representing roughly 30% of total industry revenues during the period. While streaming continues to grow, it remains a secondary income stream for most artists compared to touring and live performances.
What industry operators are saying
Industry operators note that the growing dominance of live and digital revenues has reduced the direct financial influence of traditional radio airplay.
Chris Ubosi, Managing Director of Megaletrics Ltd, operators of Classic FM 97.3, The Beat 99.9 FM, and Naija FM 102.7, said Nigeria’s radio royalty framework lacks the transparency seen in more advanced markets.
According to Ubosi, radio stations typically pay a fixed annual licensing fee to collection agencies rather than royalties tied to actual airplay data.
‘‘They’re not really set up to monitor actual airplay. In return, they send us some data on which artists are doing well, but most of that seems to come from platforms like Spotify or other publicly available sources. So, in truth, what we play on radio doesn’t have a direct influence on how much artists earn. Digital monetization is way ahead by a long mile.’’
Despite this shift, radio continues to play an important discovery and promotional role. Ubosi described radio as a key entry point for music discovery, noting that it still connects artists with a broad Nigerian audience. He added that globally recognised artists such as Wizkid and Burna Boy continue to engage with radio through premieres and station takeovers.
However, collaboration between radio, local promoters, and live event platforms has become more complex. Ubosi noted that many leading Nigerian artists are now signed to international touring companies such as Live Nation, which prioritise global earnings. Contractual obligations often restrict local promoters from openly advertising or booking these artists for domestic performances.
From a talent management perspective, Osita Ugeh, CEO of Duke Concept Entertainment, said the revenue distribution outlined in the report broadly reflects industry realities. He estimated that, on average, “around 60% of artist income comes from touring and live performances, about 20% from streaming, and 5–10% from brand partnerships and sponsorships.
‘‘Some have extremely strong streaming numbers take Diamond Platnumz, for instance, who does huge numbers online but that might not compare to someone like Burna Boy, whose streaming, touring, and brand presence all combine at a much larger scale. So the revenue mix is never uniform.’’
What you should know
- In terms of overall industry size, the total value of Nigeria’s music industry stands at about N901 billion (roughly $600 million) in 2024 and projects that it could reach N1.5 trillion (about $1 billion) by 2033 as the sector matures further.
- Data from platform-specific reports show how streaming has played a significant role in expanding artists’ revenue pools. According to Spotify’s 2024 Loud & Clear report, Nigerian artists generated more than N58 billion in royalties in 2024, more than doubling the figures from 2023 and marking a fivefold increase compared to 2022 evidence of the genre’s rising global footprint and commercial appeal.
- Spotify’s disclosures also highlight how Nigerian music is being discovered worldwide, with first-time listeners discovering local artists over one billion times in 2024, and nearly 1,900 artists earning placements on editorial playlists a 33% increase compared to the prior year.
