Movies and music in Africa draw comparable amounts of attention. This might lead someone to think the same of their revenues and financial significance. But, that is not the case.
Looking at the biggest African entertainment market, Nigeria, we find that the revenues from the movie industry outweigh that of the music.
Nollywood brings in a staggering $590 million every year according to reports from the UN of 2019. The $50 million revenue generated by the Nigerian music industry simply doesn’t stand a chance.
Many would imagine it is the other way around, and we are shocked too. Pricewaterhouse Cooper also stated this in a 2018 article that Nigeria’s music industry continues to expand, while Nollywood struggles to grow.
An obvious derailment for both the music and movie industries in Africa is piracy. From previous records, the movie industry seems to be having a hard time keeping up.
So, how are movies in Africa grossing more than music?
Networths in the Nigerian movie and music industry
Building up a networth that runs into million in the Nigerian movie and music industry can be tricky. Here is an insight that can help balance the two.
Relying on the record and album sales does not pay a singer very much and sometimes they might have to take second jobs.
But from touring and performing at concerts, an average singer in Nigeria could earn a decent amount. Licensing, however, gives them real power as one hit song can earn them a lifetime of wealth.
For this reason, they tend to stick to music until they get their big break.
Actors, on the other hand, are able to draw amazing salaries from being brand ambassadors and doing commercials since they often get these jobs more than singer in our analysis.
Movie streaming services, both local and international, are also beginning to provide significant revenues for actors.
With these side job, actors who do little to no jobs in a year are still able survive. Singers almost never run out of jobs as long as they keep making new songs.
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