20 Business Ideas in the Music Industry
The music industry in Nigeria is laden with lots of challenges, variables, reactions, stories, and drama. More than this, this industry is one of the biggest contributors to the Nigerian economy.
Did you know that revenue from the Nigerian music industry is projected to hit N18 billion ($50 million) in 2020? This industry is expected to experience exponential growth in the nearest future.
Are you gifted in music or you have a passion for the music industry? Do you think you have what it takes to run an SME in Nigeria that is music-inclined? Check out our list of 20 business ideas in the music industry.
Music-related Business Ideas for SMEs in Nigeria
Record Label
Starting a record label isn’t an easy task, it may even be more hectic than writing the songs. It also helps you gain recognition and fame. The idea is to finance the careers of budding artists and gain a commission on their earnings. So if you have the funds, rather than stick to writing your music, this might be the way for you.
Write Songs for Artists
Do you know that not all the top artists are great at writing songs? Not every songwriter becomes a big artist as well. You can write the music behind the scenes and sell for huge sums. Some songwriters make up to $52,000 in one year. You can take a cue and begin to sell your songs.
Booking Agent
Contacting artists to perform at shows and concerts can be very difficult. This is because of the busy schedule of these individuals? Well, you can bridge the gap and become a booking agent. Your job will be to act as the middleman, contacting the artists on behalf of the organizations. You will earn a commission from each deal.
Disc Jockey (DJ)
These individuals don’t make music, they play music. You have them at parties, clubs, and other hangouts. If you are good at mixing songs then you can thrill guests at different locations with your skills. All you need is a laptop, sound equipment, and a turntable.
Artist or Band Management
Some individuals love music so much but cannot sing. However, they are great with management. If you fall into this category, you can make a fortune from managing artists or bands. It becomes your responsibility to promote, project, protect, and represent the artist.
Music Teacher
Many people want to know how to sing or play an instrument. They are ready to pay to do this and you can seize the opportunity if you are skilled in this area. From voice training to teaching songwriting and playing an instrument. You can even begin your training center from your home.
Talent Scout and Manager
If you have the funds, you can start your talent hunt show to find new musical talents around you. From here, you can pick a few, groom them, and begin managing them. This will fetch you a lot of profit in the near future.
Recording Studio
You don’t need to be a producer or sound engineer to start your recording studio. All you need is to set up the studio and hire the services of a good producer. This could bring you to the limelight of the music industry in Nigeria.
Rent out Rehearsal Space
This is more important for dance and music groups. Before they record or perform on stage, they need to rehearse. You can set up a location solely for this purpose. If you already have a space for this, then you only need to fill it with the required equipment.
Music Event Planner
Are you seeking to be a music-related SME in Nigeria but you don’t know how? You can become a music event planner. It makes more sense if you are good at planning events already. How do you make your money? By planning concerts, shows, and award ceremonies. You’ll also earn from ticket sales.
Music Promoter
We have so many good artists in Nigeria but the challenge is that they are buoyant enough to promote their songs. While you may not be skilled in music, you may have funds and be a good promoter. You can sell their music on their behalf to make a commission.
Equipment Sales
You don’t have to be a singer or producer to deal with equipment. Music equipment are always in demand and you can dive into this sector of the music industry in Nigeria. Simply buy equipment and resell to those who need them.
Music Video Director
All you need to do here is direct music videos. This is very similar to directing movies and it yields a lot of profit.
Music Blog
Do you love music and writing about music? Start a music blog to promote songs, do song reviews, and discuss music-related issues.
Entertainment lawyer
This involves representing artists in the court to settle disputes relating to music.
Dance Choreographer
To shoot music videos, we need dance moves. Creating dance moves isn’t an easy task hence the need for dance choreographers. Are you a skilled dancer? You can either teach people or provide dance services yourself.
Video Vixen
Video vixens are those beautiful ladies we see in music videos. You don’t have to be one to start an SME in Nigeria in this area. All you need to do is assemble beautiful ladies, train, and manage them for music video contracts.
Music Therapy
This aspect of the Music industry in Nigeria is becoming more popular by the day. It involves using music to treat several kinds of physical, mental, and emotional conditions. A music therapist can work in nursing homes, psychiatric clinics, and prisons.
Producer/Sound Engineer
This involves creating instrumentals for songs, recording the songs, mixing, and mastering. To do this, you need to be skilled in beat-making software and playing musical instruments.
Music Artist
Finally, if you have the skill, you can become a music artist. These are the most celebrated individuals in the music industry in Nigeria.
Wrapping Up
That’s our list of business ideas in the music industry in Nigeria. You can pick any of these if you want to start a music-related SME in Nigeria. Do you have any other ideas? Share them with us in the comments section.
