Ways Musicians Make Money in Nigeria: An Overview
First, a brief overview of how musicians make money in Nigeria. Being a musician is not the type of job where you get to be paid at the end of every month.
It is something you get to work your money yourself no matter how great your talent might be. The Nigerian music industry is peculiar and dynamic. The dynamic nature of this music industry keeps affecting the income streams.
Market Structure of The Business
Like I said earlier, the music industry here in Nigeria is a dynamic one. Today one is a star artist, tomorrow his music is no longer being played.
One might release a song today which might seem not to be in vogue but give a little time the music becomes the most play or the most downloaded song. From time to time, the taste of the entire public changes from one state to another.
To make money in the music industry, one might rely on record sales or performance fees. Performance fees up till date are still the most lucrative revenue sources in the industry.
But what happens to those young and new artists that have not yet gained enough ground to be invited to places where the performance appearance fees could be meaningful? This article focuses on how to let those young and talented musicians make their money without stress.
Demand Analysis, Competition, and Opportunity
At a point in time, a majority of the songs that were played in Nigeria were mostly western (foreign) music. All of a sudden, boom!!! That was what happened to Nigerian music industry.
People started turning to home-based musicians because they started giving the entire public what they actually needed. Now, the problem most Nigerian musicians are facing is consistency.
The demand imposed on Nigerian artiste is great hence satisfying the public is one of the greatest tasks of all times.
Being the best is also what most artiste would want to achieve amidst the river of endless opportunities in the industry. This article is not focused on how teaching you how to become the best or most sought after but how to make money as a musician.
At this point, I’d like to give you few points which would help you make your money;
12 Ways Musicians Make Money In Nigeria
1. CD Sales
When compact disc players were still the order of the day, this was a great way of making money. Today, although the demand for audio CDs is on the lower side, it is still a great way of making money.
2. Digital Sales
Thanks to technology you can now sing and upload your songs onto the internet where lots of people get to either stream your songs or they download it.
Anyway chosen, your money still returns to you. This is still a more preferred option to the CDs because it does not get to litter his house with lots of CD plates.
It also saves the discomfort of moving around with different CD plates where you get to start searching for the artiste you want to listen to. You can upload your songs and people download, add to their library, and enjoy your work all day long.
3. Live Shows
Over time, this has been one of the best ways of making a huge amount of money for most musicians. Although the price tags for each musician might vary, just be rest assured that you would still make your money while you gradually gain popularity within and outside the industry.
In the process of performing in the public, you could get to sell your merchandise. Sometimes, the best places to sell merchandise is when you go on tours but live shows are still a good option to do such.
In the point above, I made mention of merchandise. These merchandises could be either physical goods (customized wristbands, polo etc.) or digital products in the form of PDFs, videos, images, sheet music, live concert tapes etc.
Royalties are fees paid to musicians. When their music is being played on radio and other media platforms, they are being given some amount of money.
This type of royalty is called DIGITAL ROYALTY. Also, those who are registered members of COSON (Copyright Society of Nigeria) also get royalties for their music. Royalties are also being paid for live performances and this is called LIVE PERFORMANCE ROYALTY.
Most of the Nigerian songs used for movies is not just done for fun. The producers of these movies actually pay some funds to the artists before they can use their songs. The demand of the song is what makes the fee vary amongst other options.
On YouTube, whenever 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, as well as Audiam.