The Afrobeats genre, once a vibrant and organic movement driven by talent and hustle, is now facing a crisis fueled by a flawed microfinance music business model. In recent years, a growing number of investors, digital streaming platforms (DSPs), music startups, and labels have blindly poured money into artists without fully understanding the complexities of the industry. Instead of fostering creativity and sustainable growth, these financial injections have encouraged mediocrity, leading to a decline in the overall quality of Afrobeats music.
The Problem with Free Money in Music
Unlike traditional business models where investment is strategically placed based on market dynamics and long-term viability, the current trend in Afrobeats sees financiers handing out large sums of money to artists without demanding accountability or high standards of production. The result? A wave of artists who no longer feel the need to push boundaries or craft timeless music. The presence of easy money has removed the hunger that once fueled Nigerian artists to innovate and deliver quality sounds.
With this system in place, music labels, DSPs, and publishing companies are more focused on quick returns rather than the development of artists who can create lasting impact. Songs are churned out at an alarming rate, flooding the market with forgettable tracks that lack depth, originality, and cultural significance.
Boomplay’s Departure: A Sign of the System’s Failure?
Rumors on the streets suggest that Boomplay, one of the major DSPs in Nigeria, has closed its Nigerian branch. If true, this move could be seen as a direct result of the unsustainable business model they, along with other investors, helped create. By financially backing artists indiscriminately, Boomplay and similar platforms may have contributed to a music ecosystem that lacks structure and financial discipline. Now, as the market corrects itself, these entities are pulling out, leaving behind a broken system.
The Need for a Reality Check
One can only hope that with fewer music financiers throwing money at artists without merit, Nigerian musicians will be forced to refocus on what truly matters—making great music. When artists understand that success is not guaranteed by a hefty advance but by their ability to create timeless art, the industry will naturally filter out mediocrity and elevate those with real talent and work ethic.
For Afrobeats to regain its credibility, the focus must shift from reckless financial backing to artist development, talent nurturing, and quality control. Record labels and DSPs should prioritize long-term artist growth instead of short-lived viral hits. The industry needs to return to an era where making good music is the only way to survive, rather than banking on external investors willing to fund mediocrity.
If Nigeria’s music industry is to sustain its global rise, it must break free from the toxic cycle of easy money and entitlement. Only then can Afrobeats truly evolve into a genre that continues to command respect on the world stage.
