Ayo Animashaun, founder of HipTV and The Headies Awards, has offered a sobering reality check about the financial state of the Nigerian music industry. In a recent interview with TejuBabyface, the media executive and entertainment veteran said that while the Nigerian music scene appears vibrant and thriving on the surface, only a small fraction of artistes are actually making money.
According to Animashaun, the industry’s perceived glamour is sustained by a handful of top-tier artistes who dominate the charts and headlines. Meanwhile, a majority of musicians—especially lesser-known and upcoming ones—struggle behind the scenes with little to no return from streaming platforms or live performances.
“A lot of artists are not making money,” Animashaun stated. “You say artists are making money. You can’t count ten that are really making money.”
He emphasized that aside from the “big names” and a few well-resourced record labels, most Nigerian artists live modestly, struggling to maintain appearances while hoping for breakthrough moments.
The challenges, he explained, stem in part from the unfavorable economics of local music streaming. Returns on platforms catering to the Nigerian market are far lower than what is earned in more mature markets abroad. This imbalance makes it difficult for local artists to earn a sustainable income solely from their music.
“What you get from streaming in Nigeria is not what you get from streaming anywhere else around the world,” Animashaun said. “It’s just peanuts.”
He also pointed out the lack of consistent live performance opportunities for mid- and lower-tier artistes, noting that the majority do not headline shows or earn significant performance fees. This limited exposure further compounds their financial struggles, forcing many to “just look good” in public while privately managing their challenges.
“There are so many that are struggling to just, you know, look good and just see whether something big will happen the next time,” he added.
Animashaun encouraged aspiring artists to recognize the evolving nature of the Nigerian music industry. He advised that those who find it unsustainable should consider exploring opportunities in markets where the music is more appreciated and better monetized.
“Either you go do something else or you flip the script… somewhere else where they understand it better and they appreciate it more and they can give you more—or stop doing it.”
His candid observations have sparked conversations online about the illusion of wealth and success in the entertainment industry, and the urgent need for structural reforms that can better support upcoming talent.
As a prominent voice with decades in the Nigerian entertainment scene, Animashaun’s remarks shed critical light on the divide between fame and fortune in one of Africa’s most celebrated music markets.
