The Nigeria music industry is arguably the largest in Africa and recently, one of the largest in the world. The industry is thriving with Nigerian musicians making waves and making names on the international stage.
The success recorded in recent times can be attributed majorly to the efforts of record labels. Record labels have done so much in discovering, developing and promoting artists. They also engage in the production, distribution and marketing of music.
The Most Profitable Record Labels in Nigeria
This article is a comprehensive list of some of the most profitable record labels in Nigeria in 2023:
1. Mavin Records
The first name that comes to mind when we mention Mavin Records is Don Jazzy. Founded in 2012 by Don Jazzy, Mavin Records is arguably the biggest and most popular record label in Nigeria. The label has produced some of the biggest names on the Afrobeats roster including Tiwa Savage, Rema, Ayra Starr, Crayon, Magixx, Boy Spyce, Bayanni and Johnny Drille. Mavin Records has a business module that is innovative and focuses on talent discovery and development and successful marketing campaigns.
2. Starboy Entertainment
Starboy Entertainment is synonymous with Afrobeats superstar Wizkid. The record label was founded in 2013 and it has grown to be one of the most profitable and popular record labels in Nigeria. The label has artists like Terri, Ceeza Milli, and DJ Tunez on its roster. With Wizkid headlining its roster, Starboy Entertainment with its brand of Afrobeat and pop music has contributed immensely to promoting Nigerian music around the world.
3. YBNL Nation
Olamide started YBNL in 2012 and since then, it has gone to be one of the most popular and most profitable record labels in Nigeria. With one of its signees Asake currently topping charts across the globe, YBNL which has street-hop and rap music as its main genres has contributed to the growth and success of several Nigerian artists.
YBNL was and is still home to Nigerian arts including Lil Kesh, Viktoh, Chinko Ekun, Adekunle Gold, Lyta, Yomi Blaze, DJ Enimoney, Asake, Fireboy and others.
4. Davido Music Worldwide (DMW)
Davido Music World is an eponymous music record label founded by Nigerian Afrobeat superstar David. DMW ranks among the most profitable and popular record labels in Nigeria. It has stars like Mayorkun, Peruzzi, Dremo, Yonda, DJ Ecool, B-Red, Lish Frosh and Liya on its roster. DMW is known for its Afrobeat and pop music, and it has helped to popularize Nigerian music around the world.
5. Marlian Music
The streets know this name and it is popular in every part of the country. At a point, it went beyond being a record label to a movement. Boys and girls alike were proud to be called Marlians and associated with the Marlian Record label.
Founded in 2019 by Nigerian street hip-hop artist, Naira Marley, the record has the likes of Zinoleesky, Cblack, Fabian and others. Recently, the record label has been in the news for all the wrong reasons following the mysterious circumstances surrounding the death of one of its former signees Mohbad Imole.
6. Spaceship Records
This is one of the few record labels in Nigeria with a Grammy-award-winning artist on its roster. It is obviously not one of the record labels with a list of popular artists but is one of the most profitable. It has the self-acclaimed African giant Burna Boy, Nissi, veteran music producer and the Grammy award-winning producer, Telz on its list.
7. Chocolate City
This is one of the oldest record labels in Nigeria and it is on this list because it has produced some of the biggest superstars in the Nigerian music industry. Founded in 2005 by Audu Maikori, Paul Okeugo and Yahaya Maikori has produced artists like M.I Abaga, Ice Prince, Jesse Jagz, and Blaqbonez. Chocolate City is known for its focus on hip-hop and rap music, and it has played a major role in shaping the Nigerian hip-hop scene.
