Headies Awards founder, Ayo Animashaun, has spoken candidly about the financial challenges many Nigerian artists face, revealing that true success in the industry is limited to a handful of top stars and major record labels.
In a recent interview with TejuBabyface, Animashaun acknowledged the industry’s growth but emphasized that most artists still struggle to maintain a steady income.
He pointed out that previous fame doesn’t necessarily translate to current earnings, and highlighted that Nigeria’s local streaming market generates significantly lower returns compared to global benchmarks.
According to him, lesser-known artists rarely get to headline or perform at shows, and even when they do, the pay is meagre, leaving them with limited means of survival.
“While a few enjoy lavish lifestyles, most are simply managing appearances and hoping for a big break,” he said.
Animashaun advised artists to honestly assess their position in the industry and either explore more supportive markets, adapt their strategies, or consider alternative career paths.
He said, “A lot of artists are not making money. You say artists are making money. You can’t count ten that are really making money.
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.
The industry may seem big but the ones that are made and there are not so many that are consistent. Some have made money in the past. Are they still making money now? And streaming.
“What you get from streaming in Nigeria is not what you get from streaming anywhere else around the world. It’s just peanuts. Just peanuts.
How many shows, how many shows do the other artists that are not the big names headline or they even perform on? What do they give them? Where’s the money coming from? So, the few artists that are buying all the things in the world, they can do anything.
“There are so many that are struggling to just, you know, look good and just see whether something big will happen the next time. So, yes, the industry is emerging and if you’re in that industry, you have to understand the stage you are in the industry and either you go do something else or you flip the script probably have it somewhere else where they understand it better and they appreciate it more and they can give you more or stop doing it”.