Nigerian Musicians Depend on Chinese Investments to Cash Out on Streaming Platforms
- Chinese investments in the music industry are propelling African artists to new heights
- The investments are also enriching the bank accounts of artists, with many of them earning millions from the platforms
- Boomplay, a Chinese-owned music streaming platform, said Nigerian artists on its platform are top earners
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Recent findings by Legit.ng have shown how Nigerian musicians are experiencing a significant surge in streaming income on platforms like Spotify and Boomplay, thanks to the growing popularity of Afrobeats and Nigerian music worldwide.
The surge has also opened new revenue streams for artists and is transforming the music industry in Nigeria.
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Boomplay causes major boom for Nigerian artistes
Experts have said that the Nigerian music industry is at its peak in Africa and has significantly changed recently, with music streaming becoming the in-thing for top African artists.
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Increased growth in internet access, propelled by Chinese investment in ICT development, has created a new music ecosystem attracting investments from across the world.
A BusinessInsider report said in 2018, the Chinese music streaming platform, Boomplay, entered into a licensing agreement with Universal Music Group (UMG) to distribute UMG's music catalogue across the continent.
Boomplay said in its 2021 report that Afrobeat sensation, Davido was rated the highest-earning artist on its platform with N58.8 million. Wizkid emerged fifth top earner in Africa in that year.
A recent World Bank report says that internet access in Africa increased from 1% in 2000 to 29% in 2020, the highest in the world.
The fast growth of smartphone and internet access accelerated digitisation in the music industry and other related sectors, which drove music streamlining in Africa across new audiences and markets.
How Boomplay rewards artists in Africa
Chinese investment in the African music industry is a driving force for growth with improved ICT infrastructure, available and affordable smartphones, and rising internet access.
For example, Nigerian artists earn about N1 per streaming on the platform as against $0.003 paid by Spotify.
Wizkid N11bn: Nigerian musicians cash out big on Spotify as songs hit billions of streams
Legit.ng reported that Nigerian musicians are experiencing a significant surge in streaming income on platforms like Spotify, thanks to the growing popularity of Afrobeats and Nigerian music worldwide.
The surge has also opened new revenue streams for artists and is transforming the music industry in Nigeria.
One notable example is the award-winning musician Wizkid who is now officially the most streamed artist on Spotify.
Legit.ng revealed that the Made in Lagos crooner has garnered over 5.5 billion streams.
Following closely behind Wizkid is Burna Boy, with 4.3 billion streams, earning him $18.79 million in royalties. Ckay takes the third spot with 1.69 billion streams, resulting in earnings of $7.38 million.
Source: Legit.ng
