International business newspaper, Stears has ranked the Nigerian music industry as the world’s second-best consumer entertainment and media market.
On Thursday, September 1, 2022, Stears Business announced that the Nigerian music industry is the second best performing consumer entertainment and media market in the world.
They further stated that the industry is expected to generate $73 million in 2023.
The rise of the Nigerian music industry to become the second best consumer entertainment market is an achievement, although the sector has grown consistently over the years.
The music industry has seen a resurgence of major global labels investing in the talent pool to participate in the Afrobeat boom, which has become one of the fastest growing genres in the world.
Nigeria’s unique position as a hub for Afrobeats has allowed it to attract investment from music streaming services, record labels, publishers and even investment firms looking to capitalize on the boom.
Despite little to no support from the Nigerian government, the music industry has managed to thrive and set the pace as Nigeria’s main cultural currency through which it influences the world.