Nigeria's music industry generated N901 billion in revenue in 2024, with projections indicating a billion-dollar valuation by 2033. Despite this growth, independent artists continue to earn minimal returns from international streaming platforms. D'banj's CREAM platform (Creative Reality Entertainment Arts & Music) is emerging as a local alternative, using mobile data, USSD codes, and partnerships with MTN and banks to enable direct music purchases. The platform has attracted over seven million subscribers and promises artists up to 70 million naira for one million track downloads.
In 2025, Afreximbank's CANEX Creations Inc. entered a strategic equity partnership with CREAM to support talent discovery, content monetisation, and African expansion. Afrobeats journalist Joey Akan questioned who would ultimately own the future value of the industry. "901 billion naira. That is what Nigeria's music industry generated in revenue last year," Akan said. "The Nigerian Music Industry will hit a billion dollars by 2033 at the current growth rate… with or without any government support. The question… is the most important question: Who will own that billion?"
Adekunle Shorinola of Durozy International said D2C platforms allow artists to connect directly with fans, own their data, and access new revenue streams. He noted these models reduce royalty leakage and improve transparency. Government initiatives like the Creative Industry Financing Initiative have had limited reach, while traditional banks often reject music catalogs as collateral. Most capital in the sector comes from foreign platforms. Mavin Records previously took equity from Kupanda Holdings and later sold a majority stake to Universal Music Group.
International examples show promise: hip-hop artist Mick Jenkins earned $176,947 in 2024 from streaming, but after adopting a D2C model via EVEN in 2025, his earnings rose to $332,277. Spotify paid over $11 billion to rights holders in 2025, but per-stream rates remain low in Nigeria. Experts say DSPs remain vital for discovery, but D2C models offer better monetisation for dedicated fanbases.
D'banj promotes CREAM as a tool for Nigerian artists to retain value, yet the platform's success still hinges on foreign-backed infrastructure like MTN and Afreximbank. Afreximbank's involvement is one of the few institutional bets on local ownership, even as foreign entities continue to dominate equity deals in Nigerian music. If Nigerian artists are to capture more of the projected billion-dollar industry, local capital must match the ambition of the model. For now, the ownership question remains unresolved.
Editorial note: AI-assisted opinion, not established fact. Full disclaimer →
