The Nigerian music industry has become a global phenomenon, with a market value currently estimated to be N2.2 trillion.
Over the last two decades, the Afrobeats genre has gradually broken several hurdles both locally and globally, with superstars like D'Banj, P-Square, and Don Jazzy leading the charge before they passed on the baton. Today, a new class of artists dominates the highest echelon of the Nigerian music industry.
Legit.ng highlights the top five highest-paid Nigerian artists of 2023, collectively boasting a net worth of N1 trillion. These artists exemplify the incredible growth and influence of the Nigerian music scene on a global scale, showcasing their talent and significant earning potential.
1. Wizkid: The Star Charging at Least $300k Per Show
Nigerian singer Ayo Balogun, better known as Wizkid, is arguably one of the biggest artists in Nigeria. Over the last decade, he has established himself as one of the most consistent musicians in the country.
In 2018, Wizkid was paid an astonishing $681k to perform at a wedding in India, marking a pivotal moment in his career towards global stardom. By 2020, it was rumored that he charged over a million dollars to perform at the WTA in America, solidifying his status as a top-tier artist.
According to a report by Turntable Music, Wizkid now charges an average of $300k when invited to perform at a show. His demand continues to soar, as evidenced by his $1 million performance at the esteemed Rolling Loud festival in Toronto, Canada, and his similar fee for the Let’s Get Free Festival in New York in 2021.
2. Burna Boy: The African Giant Charging $250k
Afro-fusion superstar Damini Ogulu, known as Burna Boy, has made headlines not only for his music but also for his Grammy win, achieved solely on his merit. While other artists' victories may be tied to collaborations, Burna Boy stands out as a solo winner in the industry.
Over the last 16 months, he has captivated audiences by shutting down over 20 international venues, with ten stadium concerts featuring over 40,000 attendees each. Reports indicate that Burna Boy charges between $200k to $250k for foreign performances, often requesting a private jet for his travels to ensure a luxurious experience.
In 2019, he was paid $300k for a 45-minute show in Cameroon, showcasing his rising influence and demand in the music industry.
3. Davido: The King of Afrobeats Charging an Average of $150k
Nigerian music superstar David Adeleke, famously known as Davido, ranks third among the highest-paid artists in Nigeria. He is often referred to as the King of Afrobeats, a title that reflects his significant impact on the genre.
Davido charges an average of N40 million for performances within Nigeria and $150k or more for shows abroad. His fees may vary based on the event's scale, location, and duration, highlighting the demand for his performances.
Recently, he achieved a remarkable feat as the first Nigerian artist to sell out the O2 Arena in London on three different occasions, further establishing his global presence.
4. Rema: The New Kid on the Block Charging at Least $50k
Nigeria's Afrobeat GenZ superstar, Divine Ikubor, popularly known as Rema, is seen by many as the next big thing emerging from Africa. He made headlines recently as the first Nigerian artist to perform at the Ballon d'Or gala, a testament to his rapid rise in the music industry.
Rema's growth over the past five years since his breakthrough has been nothing short of miraculous. He now charges $50k for 20-minute performances outside Nigeria and a staggering N10 million for shows within the country.
Even Wizkid didn't achieve such success at a young age, highlighting Rema's impressive trajectory in the competitive music scene.
5. Asake: Taking Afro-Fuji to New Heights at $20k
Young Afro-fusion performer Ololade Ahmed, known as Asake, has experienced a meteoric rise in his music career. His unique style has captivated audiences, leading to significant success after his signing with Olamide's YBNL record label in 2022.
Asake is reported to charge between $20k to $45k for his performances outside Nigeria and believes he charges between N8 million to N10 million for shows within the country. His rapid ascent showcases the evolving landscape of the Nigerian music industry.
It is crucial to note that the figures mentioned here may fluctuate over time, as they are influenced by audience demand and changing market dynamics.
What You Will Learn
- The Nigerian music industry is valued at a staggering N2.2 trillion, indicating its global impact.
- Top artists like Wizkid, Burna Boy, and Davido are leading the charge in both popularity and earnings.
- Emerging artists like Rema and Asake are reshaping the music scene with fresh sounds and impressive earning potential.
- The figures for performances vary significantly based on the artist's experience, popularity, and market demand.
