HipTV founder and organiser of The Headies Awards, Ayo Animashaun, has said that only a few artistes in Nigeria are actually making money from music.

He made the disclosure during an interview with comedian Teju Babyface, where he stated that despite the glitz and fame, most Nigerian artistes are financially struggling.

According to him, fewer than 10 artistes in the country are truly profiting from music, while the rest are simply trying to stay afloat.

“A lot of artistes are not making money. You say artistes are making money. You can’t count ten that are really making money,” he said.

He added, “In Nigeria right now? No, you can’t. The big names, the big names, the big names and a few record labels. Other than that, the other ones struggle.”

Animashaun also said that many artistes in Nigeria are merely managing appearances, with low income from streaming and few show bookings.

“What you get from streaming in Nigeria is not what you get from streaming anywhere else around the world. It’s just peanuts. Just peanuts,” he said.

He noted that many artistes appear wealthy on social media but are in reality waiting for the next big opportunity.

“There are so many that are struggling to just, you know, look good and just see whether something big will happen the next time,” he added.

The HipTV boss advised artistes to be realistic about their position in the industry and consider exploring international markets or even changing careers if necessary.