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Nigeria’s Music Industry Revenue To Hit $50Million By 2020

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Mustapha

Nigerian Music pundits and executives of the Disruptive Creative Economy Meeting Group, DCEM have revealed in a new report that the Nigerian Music Industry is set to reach revenue of N18bn ($50Million) by 2020.

Findings from the report also reveal the Nigerian recorded music industry is poised to spike in growth significantly over the next 3-5 years. ‘As the world continues to witness the globule penetration and purchasing power of mobile data and phones, so will the consumption of entertainment products from creatives increase.

The DCEM Nigerian Recorded Music Industry Report is intended to be an annual publication with data being reviewed and updated on a quarterly basis. – Olumide Mustapha (Lead Researcher for DCEM and Founder/Senior Partner of Technolawgical Partners) 

Mustapha adds that increasing (domestic and foreign) recognition of the potentials for the Nigerian music business has necessitated the requirement for more data about the industry. This information is crucial for the industry to attract and secure the necessary investments to stimulate its next stage of growth.

The Disruptive Creative Economy Meeting group (DCEM) is a collective of specialized professionals in this sector (including lawyers, accountants and business advisors) that has been undergoing active research on this sector for the past 18 months in order to bridge this data gap.

In the same vein, DCEM is an exciting social entrepreneurship project of Digital Music Commerce and Exchange Limited, positioned to professionally educate the public on the nitty gritty of the Entertainment business.

For the longest time, we have operated as an industry from a place of floating knowledge about the data or statistics in the industry. The average entertainment practitioner gives you an estimate figure. DCEM seeks to change that narrative by ensuring a timely and robust report to service the industry.

Whilst there is some existing institutional research on this sector, said research has never been based on actual data from the biggest stakeholders in the industry across the entire value chain, until the DCEM report came.

The strong professional relationships DCEM has with these stakeholders has given the organisation unique access to the raw data; and our specialized expertise allows us to accurately collate, analyse and present the information for the benefit of market participants and potential investors. 

“DCEM is an exciting social entrepreneurship project of Digital Music Commerce and Exchange Limited, positioned to professionally educate the public on the nitty gritty of the Entertainment business.

For the longest time, we have operated as an industry from a place of floating knowledge about the data or statistics in the industry.

The average entertainment practitioner gives you an estimate figure. DCEM seeks to change that narrative by ensuring a timely and robust report to service the industry,” says Fawehinmi Oyinkansola, contributory researcher and Managing Partner of Technolawgical Partners.


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