Mavin Records spent a total of about N103.6 million ($225,000) on song releases for artists on its roster in the first quarter of 2023, Joey Akan has said.
Founded by Michael Collins Ajereh, professionally known as Don Jazzy, the record label has released 7 songs from 5 artists in the first quarter, with each of the artists dropping at least one single. Boys Spyce who was signed to the label in April 2022, released his single ‘Folake’ on January 25, 2023. Ayra Starr’s ‘Sability’ dropped on February 9 and became a nationwide sensation and topped the music charts in the first week of its release.
Rema released two singles ‘Holiday’ and ‘Reason You’, on February 15, and after the national elections were over Crayon released ‘The One’, while Magixx ended the busy quarter with the release of ‘Colors’ and ‘Royal’.
According to Joey Akan, a music journalist known for his Afrobeats Intelligence podcast, based on data collected from multiple record labels operating in Nigeria, the average going rate for established artists and record labels to work a single is N16.1 million ($35,000). The budget covers the cost to promote songs via radio stations, TV, digital marketing, influencer campaigns on social media platforms, nightclubs, etc.
Akan said the average cost of shooting a music video for established music labels is N4.6 million ($10,000), excluding the amount spent on securing the services of well-known video directors like T.G Omori which brings the cost up to N20.7 million ($45,000) for a single campaign. With five of its artists having released at least one single in Q1 2023, the label would have spent on average N103.6 million ($225,000).
Joey Akan on his Twitter handle said, “Nearly $230,000 is the cost of a full house, to work singles, and they’ve got it covered with V.C funding from Kupanda. Nigerian music is capital-intensive. Every step of the way is paved with billing, and each inch of real estate is carved from spending strategically. But, imagine how steep the playing field is, and how the financial barrier of entry into the mainstream market is. the number one obstacle to realising your dreams in music.”
Getting to the top of the chart has proven to be difficult for independent and upcoming artists. It takes talent and a stroke of luck for younger artists to get their names among the top 10.
Odumodu Black, an independent rap artist raised in Abuja, is a typical example of an artist who has cracked the charts, with his unique style as his two singles ‘Declan Rice’ and ‘Picanto’ quickly became mainstream. The popularity of his new songs has also rubbed off on previous works that were not so popular at the time.Those songs are now doing better in the various streaming services. This is likely to help him attract major collaborations with other popular artists in the industry.
Other artists without the funding would have to depend on sponsors either through signing for a record label or through family and friends who can afford the cost.