According to 2020 report by International Federation of the Phonographic Industry (IFPI) 7.4% was the growth of music recorded globally marking the sixth consecutive year of growth.
Music in that year generated an income of $20.6 billion which was majorly driven by streaming.
The African Region has in the past had limited interest as a market for global music industry but by now this narrative is changing rapidly.
IFPI states that technology and particular the internet is now making it possible for African Music to spread more wider in different parts of the continent as well as globally.
PwC is reporting a promising industry and just as an example, Nigeria music record could hit a consumer spending revenue of $43 million and Kenya $19 million.
Oversea music companies are in recent years establishing stronger relationships with local partners and this is the reason why we see African musicians like Burna Boy or Davido now sing similar stage with platinum record artists like Rihanna, R Kelly, Drake and Chris Brown.
With this kind of international exposure, investors are now coming to put their money in this promising industry.
The revenue generated by Nigerian music industry in 2016 was $39m which is 9 percent increase from the previous year according to a PricewaterhouseCoopers (PwC) report.
“The growth across the African continent in terms of streaming [volume] and revenue is very impressive. And that’s without the support of DSPs being present in all these markets.
The IFPI global report [for 2019] showed an overall global increase in revenue [for the record business] of 8.2%. But in Africa, combined with the Middle East, it was about 15% – which places [Africa] as the world’s second highest growth market after Latin America,” says Sipho Dlamini – CEO of Universal Music in Sub-Saharan Africa and South Africa while speaking to “Music Business Worldwide”.