The data is contained in Basslines to Billions: Nigeria’s Music Market Intelligence Report, a landmark publication that offers one of the most detailed financial and cultural assessments of Nigeria’s music industry to date. The report was produced through a collaboration between the National Council for Arts and Culture (NCAC) and investment firm RegalStone Capital, blending economic analysis with industry insights.
According to the report, live events accounted for approximately 66 per cent of total artist earnings during the period under review. This reflects a strong and sustained appetite for concerts and festivals, both within Nigeria and across international markets where Nigerian artists are increasingly in demand. Expanding global tours, sold-out shows, and major festival appearances have all contributed to this revenue surge.
In contrast, digital streaming and virtual platforms generated an estimated $181 million, representing about 30 per cent of total industry revenue. While streaming continues to grow steadily, the report indicates that it remains a secondary income stream for most Nigerian artists when compared to touring and live performances.
Industry stakeholders say this revenue structure highlights a broader shift in how music is monetised. Traditional radio airplay, once a major driver of artist exposure and earnings, now plays a reduced direct financial role. Chris Ubosi, Managing Director of Megaletrics Ltd — operators of Classic FM, The Beat FM and Naija FM — explained that Nigeria’s radio royalty system lacks the transparency and data-driven structure found in more developed markets.
According to Ubosi, radio stations typically pay fixed annual licensing fees to collection agencies rather than royalties linked to actual airplay metrics. As a result, what gets played on radio does not directly determine how much artists earn. He noted that much of the performance data shared with stations often originates from digital platforms such as Spotify, further highlighting how digital monetisation has overtaken traditional broadcast models.
Despite this, radio remains a powerful promotional and discovery tool. Ubosi described it as an important entry point for introducing music to a broad audience, adding that globally recognised Nigerian artists like Wizkid and Burna Boy still engage radio platforms through premieres and special programming.
However, collaboration between radio stations, local promoters and live event platforms has become more complex. Ubosi pointed out that many top Nigerian artists are now signed to international touring companies such as Live Nation, whose focus is on maximising global revenue. These arrangements often limit how freely local promoters can book or advertise such artists for domestic shows due to contractual restrictions.
From a talent management perspective, Osita Ugeh, CEO of Duke Concept Entertainment, said the revenue breakdown in the report aligns with what managers see on the ground. He estimated that, on average, about 60 per cent of an artist’s income comes from touring and live performances, around 20 per cent from streaming, and roughly 5 to 10 per cent from brand partnerships and sponsorships.
Ugeh also stressed that revenue mixes vary widely depending on the artist. While some acts boast massive streaming numbers, others generate far greater income from touring and brand influence. He cited examples of artists whose combined strength across streaming, live shows and endorsements places them at a much higher earning scale.
Overall, the report reinforces the idea that while digital platforms are important for visibility and growth, live performances remain the backbone of Nigeria’s music economy — a trend that continues to shape how artists, promoters and investors approach the business of music.