We break down what this change in climate spells for Nigeria's budding live entertainment sector, speaking with Gidi Fest's Chin Okeke.
According to Billboard, everyday after April 1st that Live Nation can't put on a concert, it loses $30.3 million in revenue.
The global music industry is bowing to the gruesome effect of COVID-19 and as the recording sector has resorted to other [digital] means to stay afloat, the live sector has submitted to inactivity. Meanwhile, its players explore possible ways forward in the absence of physical gatherings. The pandemic has pressed the industry towards live-streaming, though it's sustainability, both financially and experientially has since been subjected to scrutiny. Live entertainment juggernauts like Live Nation, AEG, and others have halted core operations which has since seen a slew of furloughs and pay cuts across the sector.
What does this change in climate hold for emerging markets like Nigeria, the heart of afrobeats? The nation has since become a tourist destination, courtesy of its recorded outputs, live entertainment and culture, with attestation from global heavyweights. According to PwC, Nigeria is one of the fastest growing markets with total recorded music revenue to reach $40m in 2023.