Ayo Animashaun, the founder of the Headies Awards, has shed light on the financial challenges many Nigerian artists face, stating that despite the industry’s growth, only a handful of top stars and record labels are genuinely making money.
In a conversation with TejuBabyface, Animashaun pointed out that many artists are barely staying afloat, with previous fame offering no guarantees of current income. He explained that Nigeria’s streaming payouts are significantly lower than global standards, making it hard for most acts to earn a decent living.
“While a few enjoy lavish lifestyles, most are simply managing appearances and hoping for a big break,” he remarked.
He stressed that smaller or less-known artists rarely get booked for shows, and even when they do, the payments are far from sufficient. According to him, many in the industry are holding on in hopes of a breakthrough, despite the harsh economic conditions.
“A lot of artists are not making money. You say artists are making money. You can’t count ten that are really making money,” Animashaun said.
“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. They really do struggle. I know a lot of them. They really do struggle.”
He continued, “Some artists made money in the past, but that doesn’t mean they’re earning now. Streaming revenues in Nigeria are next to nothing compared to the rest of the world. It’s just peanuts. Just peanuts.
“How many shows do the lesser-known acts headline or even perform at? What do they get paid? Where is the income coming from?
“There are a few who can afford anything, but many are just trying to maintain appearances, hoping something big happens next. The industry is growing, yes, but artists need to understand where they stand. If it’s not working here, consider a new market, change your strategy, or even explore something else entirely.”
