The Nigerian music industry has changed a lot over the years. We started with greats like Fela Kuti, King Sunny Adé, Oliver De Coque, and William Onyeabor. Today, we have stars like Wizkid, Davido, Burna Boy, Tiwa Savage, and Rema. Nigerian music has not only grown but also become famous all over the world.
The Nigerian music industry is doing really well. For example, Spotify said that in 2022, Nigerian artists made N11 billion ($14 million) on their platform. By 2023, this amount doubled to N25 billion. This means Nigerian music streamed more, and artists earned more money.
Moreover, the National Bureau of Statistics reported that making movies, recording sound, and music production are big parts of the arts and entertainment industry in Nigeria. These sectors made up 82.16% of the income in this industry, which is around N1.62 trillion (or about $1.81 billion).
While these numbers may seem small when you think about bigger markets, there is a lot of room to grow. Big international music companies see this and are partnering with local music labels and signing contracts with popular Nigerian artists.
This has improved the quality of music production, which is good for fans. However, it also raised the cost of making music, which is a challenge for artists. Because of this, having a good record label manager is very important.
Record labels and artists work closely together. Record labels help new artists with money, making music, distributing it, and marketing.
As the industry aims to significantly contribute to the entertainment sector’s projected $15 billion outlook by 2025, the role of record label CEOs becomes more important. These CEOs help find new talents and make sure they succeed. Here are 10 record label CEOs who are making a big difference in the Nigerian music industry.
Michael Collins Ajereh, also known as Don Jazzy, is a big name in Nigerian music. He started making music in the UK and then came back to Nigeria. He first set up Mo’ Hits Records, which later became Mavin Records in 2012.
Mavin Records has had three waves of successful artists. The first wave included Tiwa Savage, Wande Coal, and Reekado Banks. The second wave brought in Rema, Ayra Starr, Crayon, and Johnny Drille. The third wave continues with new stars like Magixx, Boy Spyce, and Bayyanni.
Don Jazzy also worked with Kanye West’s GOOD Music from 2011 to 2015. He was part of big projects like “Lift Off” on Jay-Z and Kanye West’s “Watch The Throne.” His signature phrase, “It’s Don Jazzy Again!” became very famous during this time.