In a recent interview, Mag Rodriguez, CEO of the music platform EVEN, shed light on a pressing financial challenge facing the Afrobeats industry. He revealed that while Afrobeats generated a remarkable $100 million globally in 2023, only 2% of that revenue made its way to Nigeria.
Due to complex financial regulations and high conversion fees, artists and stakeholders often find it difficult to repatriate earnings, leading to a significant revenue shortfall for the Nigerian music industry.
In response, Rodriguez announced that EVEN is developing an innovative platform which can pay in 135 countries aimed at resolving this issue. The new system will allow artists to receive their earnings directly in their country Currency, using the latest exchange rates. This will streamline the payment process and reduce the tax burden on artists, who often face double taxation when converting foreign earnings.
“This solution will empower artists to keep their money in their native currency without them getting paid in US OR UK currency,” Rodriguez stated. “We do the conversion for them and they are paid in their country allowing them to keep their money in their country.”
With this new platform on the horizon, Nigerian artists could soon see a more significant share of the global Afrobeats revenue. This initiative marks a promising step toward a more equitable and supportive financial structure for Nigeria’s music industry.
