According to Joey Akan, Mavin Records spent a total of approximately N103.6 million ($225,000) on song releases for the artists on its roster during the first quarter of 2023.
The record label was started by Michael Collins Ajereh, better known by his stage as Don Jazzy. In the first quarter, it published 7 songs from 5 artists, with each of them releasing at least one single. On January 25, 2023, Boys Spyce, who joined the label in April 2022, released his single, “Folake.” The music video for Ayra Starr’s single “Sability” debuted on February 9 and quickly rose to the top of the music charts and became a national hit.
On February 15, Rema released the songs “Holiday” and “Reason You,” Crayon followed suit with the release of “The One,” and Magixx wrapped up the hectic quarter with the release of “Colors” and “Royal.”
According to Joey Akan, a music journalist best known for his podcast Afrobeats Intelligence, the average going rate for renowned musicians and record companies to work a single is N16.1 million ($35,000), based on data gathered from numerous record labels operating in Nigeria. The budget includes the costs associated with promoting songs through radio and television, digital marketing, influencer marketing campaigns on social media, nightclubs, etc.
According to Akan, the average cost of filming a music video for established record labels is N4.6 million ($10,000). This figure does not include the expense of hiring renowned video directors like T.G Omori, which brings the total cost for a single campaign to N20.7 million ($45,000). The label would have spent an average of N103.6 million ($225,000) if five of its artists had each published at least one hit in the first quarter of 2023.
“Almost $230,000 is the cost of a full house, to work singles, and they’ve got it covered with V.C money from Kupanda,” Joey Akan wrote on his Twitter account.
Nigerian music requires a lot of investment. Every road is paved with billing, and every square inch of land is carved out by spending wisely. But consider how difficult the competition is and how high the cost of entrance into the mainstream market is. the biggest barrier to achieving your musical goals.
Independent and rising artists have found it challenging to reach the top of the charts. Younger performers must possess both talent and good fortune in order to crack the top 10.
Odumodu Black, an independent rapper born and bred in Abuja, is a prime example of a performer who has achieved chart success thanks to his distinctive sound and two instantly popular tracks, “Declan Rice” and “Picanto.” The success of his most recent songs has also spread to his earlier tracks, which weren’t as well-liked at the time. These tracks are now performing better across all streaming services. This will probably make it easier for him to get significant partnerships with other well-known musicians in the field.
Other musicians without the money would have to rely on sponsors, either by signing with a record label or by borrowing money from family and friends.
