Opinion Box : Is Music The New Oil Money?

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Wizkid

Yea, I know the title is a bit confusing, and no this is not a click bait. I am genuinely asking cos I need an answer.

So let’s discuss.

Way back when (and still present in a way,) oil money was the legal way forward to ‘ball.’ Once anyone hears you are working in an Oil&Gas company, all they think of is the number of extra zeroes in your bank account, your house in Lekki or Banana Island or any high-end place, your fleet of cars, and your ability to afford things – to a degree – that regular workers can’t. All these things are basically true as oil is the major source of income in Nigeria for many years (except Obasanjo’s tenure because he used agriculture instead), which is why many people have been scuffling and are still doing so trying to work in an oil company.

On the other side of the ring, we have music. Yes, we know music is a business – a thriving business, – and there are millions of musicians fighting to make it in a very crowded career space. For years (pre-digital distribution), musicians had to sweat their lives away to afford to buy land and build a bungalow in a normal area (with FESTAC being the go-to area for many), and many A-list artists then living in a rented apartment. Thanks to digital distribution and online streaming, musicians have been able to double and even triple their income like never before.

However, the rate at which they are beginning to afford the expensive things is quite amazing and alarming, which is why I am asking; is music the new oil money?

You see people who have spent barely three years in the industry like Kiss Daniels, Mayorkun, Reekado Banks, etc., buying the type of houses and cars that will make one’s jaw drop. Kiss Daniels even recently got two houses on the island which will be worth nothing less than 300 million combined. Feeding off the success of ‘Mad Over You,’ Runtown got himself a Lamborghini and then bought another one later after his first was pictured to have allegedly broken down on the streets of Lagos. Phyno got himself a Rolls Royce, D’Banj just moved into a 7-bedroom penthouse, other musicians are buying Bentleys and high-end cars, and many, many other examples like that.

Is it really music that’s funding all these things? A Lamborghini and a Rolls Royce costs at least N150 million… now add a house to that, the clothes and what-have-you, and an artist will be spending roughly N700 million – N1 billion annually. Even Davido claims to have N30 billion for d askant e.

With the singles, albums, royalties and shows, an artist will do all year, it seems off for one to actually make up to N700m – N1bn in a year, talk less of being able to spend that amount.

Okay, let me factor the business minds of artists like Don Jazzy, P-Square, D’Banj, Rugged Man and co. the other artists who, as far as we can tell, have music as their only source of income are the ones affording these luxurious amenities and tech. Before you say I’m doing bad belle, I am not o. I am genuinely happy they are able to afford such. I’m only wondering if the music is actually that lucrative cos there are a whole lot of musicians out there who are just as hardworking and talented but are barely making enough to even afford the basic amenities, talkless of splurging once in a while.

Oh, by the way, I am in no way looking towards Yahoo-Yahoo money or those that make money illegally.

Right now, musicians are even affording things that those in Oil&Gas can’t afford. I mean, it seems Range Rover Sport is the car for those who have oil money, and the cost of one is like one-quarter the price of a Lamborghini.

Can you see why I’m asking that question now? Please if you have the answer, abeg tell me in the comment section below.


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Zion Adebisi

Zion Adebisi

A Music Producer || Blogger || Promoter ||

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