A report from consultants at PwC forecasts that the fast-growing industry will earn $14.8bn in 2025, up from its current revenue of $7.7bn, riding on an 85% growth of its internet access segment.
As Covid-19 cases steadily rose in Nigeria and the government enforced a nationwide lockdown, the economy shrank by 1.8%, plunging the country into its second recession in five years. The music industry was not spared. Nightclubs and bars were closed, while festivals and music concerts got cancelled; but the internet came to the rescue.
For example, Nigerian musical superstar Wizkid banked on internet firepower to release his much anticipated Made in Lagos album, which has gone on to become a smash hit. It has spent over 40 weeks on the Billboard World Albums Chart, peaking at number one globally.
Davido, another blockbuster Nigerian musician, has set his sights on breaking through in the US,
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