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The music industry in Nigeria is not only lucrative but extremely dynamic. It goes beyond being a huge money-generating business for many but its consistency is mainly in doubt.
It is seen by many especially the elderly as an enterprise for the lazy and definitely a fast come fast go treasury. It can be proved so as one Nigerian musician can be a star artiste today and tomorrow be begging for his/her music to be played.
Even at that Nigerians still love these musicians and their music alike. They like the glamour of the present day Nigerian musician and likewise their sources of income.
Seeing how the market structure of the Nigerian music industry, it is easy to detect that being a star artiste isn't that easy as it may seem. As much as the populace has such demand for their music, so is the musicians interested on the bulkiness of their bank account.
Ways Nigerian Musicians Make Money
The money of a musical comes from several ways. Some may be known to you but you may be surprised to learn that musicians do make money from even the commonest of things.
★ Appearance fees: In a country where musicians are almost honoured as gods, certain firms do cooperate with musicians to get lots of attention to a ceremony. Many Nigerian top acts get paid to make appearances at events, red carpets and many more. This makes the ceremony a high class gathering and this comes with the musician receiving considerable amount of money. This makes money also for the promoters in return.
★ Brand Endorsements: Marketing is a serious strategy for most firms and adding a highly known musician into it considerably upgrade their market fostering high profits. Brands engage music artists to market their products via endorsement deals.
★ CD Sales: Compact disc players are not as popular as it used to be before. That doesn't rule out that many aren't still using it. Then if others are making use of it still, that becomes a great money making avenue for the artistes. Although the demand for audio CDs today is on the low, it is still a great way employed by musicians to make their money.
★ Digital Sales: Technology have changed the face of virtually everything. Instead of having tons of CD littered around the house, you just need to stream a particular favourite song or better download it to your device for prolonged enjoyment. This however is a lucrative avenue for musicians to make something out of the music. Most of the streamed music are paid and those paying are always the first to listen to the latest music by a musician.
★ Live Shows: This has been the preferred way of making money by musicians. It has been effectively practised by upcoming musicians over time.
The amount of money one can make from this way is determined by how popular a person is. As you upgrade in popularity gradually, the amount charged for a show rise. This method also allows for quick sale of your music as you can use the opportunity to drive sales of your CD. Putting all this into consideration, you still don't lose any of your money instead you make your profit as a musician.
★Sale Of Merchandise: Merchandises such as customized wristbands, polo etc.(physical goods) or PDFs, videos, images, sheet music, live concert tapes( digital products) etc. when sold generate income to musicians. As before, the more popular a musician is, the more his/her merchandise is sold.
★ Royalties : Royalties are fees paid to musicians when their music is being played on radio and other media platforms. This is to cover for the copyright of these songs by musicians. Whether it is paid to all musicians or how much it is, is left to be known.
This type of royalty is called Digital Royalty. Musicians who are registered members of COSON (Copyright Society of Nigeria) also get royalties for their music.
★ Licensing : Movie production studios do pay artistes when their songs is used in any form of production mainly movies. The producers of these movies do pay some funds to the artists before they can use their songs. Again, the popular you and your song is determine the pay rate you'll be given.
You can as well read How Nigerian Musicians Makes their money written by Everest
★ Commission from YouTube: Whenever a music is used in videos that are running ads, YouTube pays a portion of that advertising money to the rights holders of the song. Digital distributors like Tune Core and CD Baby help Nigerian acts collect that money.
★ Sponsorship: Musicians who are talented do get sponsorship to reach greater heights and this often comes with money. For full-time musicians who have good-looking fan base, companies do like to sponsor these musicians with returns benefitting them both.
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