The music industry is a very dynamic and multi-faceted sector of the entertainment world. It combines so many elements to give you refined and quality entertainment through the medium of songs. Creatives and music acts frequently disregard the most vital part of the music industry: the business aspect.
What is the music business’s role in promoting Afrobeats globally, and how does Africa fit into this? According to the International Federation of the Phonographic Industry, in 2023, global recorded music revenues grew by 10.2%. This was the ninth consecutive year of global growth. Revenues increased in every region. Streaming has remained the most popular format worldwide, accounting for 67.3% of global recorded music income after growing by 10.4% in 2023. Digital revenues have been rising rapidly over the past few years.
The only region that have growth above 20% was Sub-Saharan Africa, where gains in paid streaming revenues (+24.5%) drove a 24.7% increase in revenues. With a 34.7% growth rate, Sub-Saharan Africa was likewise the fastest-growing area in 2022. With a 19.9% growth rate and a 77% share of regional revenues, South Africa continued to be the region’s largest market.
Director of IFPI Sub-Saharan Africa Angela Ndambuki declared, “It’s an exciting time for the music industry in Sub-Saharan Africa. Without a doubt, the strategic investment by the record companies over the years in the region has catapulted the growth of the region’s recorded music industry. Streaming numbers have grown year on year and the potential of the region is promising, especially with the spectacular performance of African artists on the global stage.”
African music has experienced remarkable growth over the years, achieving historic milestones such as record-breaking sales, sold-out concerts, and successful tours. There is a great need for those at the forefront and rising in the industry to equip themselves with the necessary knowledge, skills, experience and network that enable them to build, establish and lay solid foundations that would set Africa on the right path.
As much as music is garnering respect and acclaim in the international community, we should not ignore the business aspect as it is very important because, to be frank, the music industry is not solely a creative endeavour contrary to popular belief. Since its inception, the music industry has been ran by money.
It is commendable to see young Africans rise to greatness with innovative initiatives that are raising the bar and grooming the next generation of music executives and music business professionals in Africa. One of such is the Music Business Academy for Africa which was founded by Godwin Tom, a seasoned music executive, A&R, manager and creative.
He created the program to help aspiring young Africans in the music industry with expert knowledge to navigate the delicate workings of the music industry. Originally, an internship program, Music Business Academy for Africa grew into a well-established program in 2020. Its main focus is to serve as a platform dedicated to developing a more informed and empowered workforce for the African Music and Entertainment industry.
Africa has its fair share of complexities that are unique to its music scene and it gives relief to see a program that is tailored to meet the needs of the African market and at the same time meet the expectations of the global best practices.
To further promote Afrobeats globally and leverage Africa’s growing influence in the music industry, it is essential for stakeholders to prioritize the business aspect of music. Investment in professional development programs like the Music Business Academy for Africa can equip emerging talent with the necessary skills to navigate the industry’s complexities. Continued support for digital distribution channels and strategic partnerships will help sustain the remarkable growth seen in Sub-Saharan Africa.
