Audiomack, a music streaming and discovery platform, has expanded its presence to Nigeria with the establishment of an office in Lagos. This move underscores the company’s commitment to tapping into the growing music streaming landscape in the country.
The eight-year-old company has assembled a three-person team to manage its Nigerian operations. These include Adeyemi Adetunji, who oversees operations and commercial partnerships; Charlotte Bwana, responsible for business development and media collaborations; and Olive Uche, leading content strategy. Though based in Lagos, the team will also engage in activities across Africa.
Why Nigeria Matters to Audiomack
David Ponte, Audiomack’s co-founder and Chief Marketing Officer, emphasized Nigeria’s strategic importance. “Nigeria is the sixth most populous country globally and ranks second among English-speaking nations after the United States. With the majority of our artists being English-speaking, Nigeria represents a significant growth opportunity for both Audiomack and the artists on our platform,” Ponte said.
Nigeria’s music industry has experienced remarkable growth over the past 15 years, producing globally recognized stars such as Burna Boy, Davido, and Wizkid. With Afrobeats gaining global acclaim, streaming services have become an essential tool for artists to reach new audiences. Notably, emerging acts like Joeboy and Naira Marley leveraged platforms like Spotify in 2019 to achieve millions of streams and expand their fan base.
Audiomack aims to enhance artists’ visibility by offering free music distribution and monetization options through its Audiomack Monetization Program. The company also plans to collaborate with key industry stakeholders and create engaging video and audio content in its Lagos office.
Competitive Landscape
Audiomack enters a market already served by several streaming platforms. Boomplay, backed by Transsion and NetEase, has been a dominant player for five years, benefiting from its integration into popular phone brands like Infinix, Tecno, and Itel. Boomplay claims 75 million users globally, with many based in Nigeria. Other competitors include Apple Music, Deezer, Spotify, SoundCloud, and MTN’s MusicTime service.
Challenges and Opportunities
Despite the competition, Nigeria’s music streaming sector is still in its infancy. Slow adoption of high-speed internet and widespread illegal music downloads have limited the market’s growth. Concerts, traditionally the primary revenue source for artists, generate modest income, with revenues stagnating around $4.3 million annually for six years.
However, the outlook is promising. Record labels and talent management firms are shifting focus to digital revenue streams. According to PwC, music streaming revenue in Nigeria grew from $300,000 in 2014 to $3.3 million in 2018. By 2023, consumption is projected to hit 1.85 billion gigabytes, with revenue expected to climb to $18 million.
David Ponte remains optimistic, describing the industry as being in its early stages with vast potential for growth. Audiomack’s expansion positions it to play a pivotal role in the evolution of Nigeria’s music streaming ecosystem.
