2024 has been a series of groundbreaking achievements, major moments, controversies, and success stories that has kept the audiences glued to their screens.
According to Statista, the Nigerian Entertainment industry was projected to reach $8.37M in 2022 with revenue by segment placed at $11.20M. Total revenue was expected to show an annual growth rate of 10.03 resulting in a projected market volume of $18.06M by 2029.
With the current success stories in the Nigerian entertainment industry, it is safe to say that 2024 has been a landmark period for the industry. We saw the Nigerian entertainment industry grow in leaps and cemented its place as a global powerhouse. Nigerian music continued its giant strides across international stages, breaking records and winning awards that used to seem out of reach. Nollywood too scaled new heights, delivering mind-blowing content that resonated with a worldwide audience.
We have had Nigerian artists and creators pushing boundaries, exploring new genres, and embracing innovation. The global spotlight on the Nigerian entertainment industry has been brighter than ever, with collaborations, festivals, and awards proving that the industry’s influence grows stronger.
Further establishing that 2024 was a great year for the Nigerian entertainment industry, there were lots of successful albums/EPs that not only dominated the charts but which also showcased the depth and diversity of the country’s musical talent. These bodies of work cut across Afrobeats, Hip-Hop, and so on, resonating with audiences both locally and internationally. From Asake’s Lungu Boy to Rema’s HEIS, we took a walk through 3 of some of our favorite albums and EPs of 2024.
Asake – Lungu Boy
Lungu Boy is Asake’s third studio album following his previous highly successful album, Work of Art. Released on the 9th of August 2024, the album had big collaborations on it. MMS has Wizkid on it, Active has Travis Scott, Suru has Stormzy, and Wave has Central Cee on it. According to Billboard Charts’ X account, Asake’s Lungu Boy had nine songs on the billboard chart in the U.S Afrobeats Songs Chart. He topped charts on Turntable as well as other major platforms.
Rema – HEIS
On the 10th of July 2024, Rema released his second studio album, HEIS. The album was released through Mavin Records, Jonzing World, and Interscope Records. Rema collaborated with two of Nigeria’s hottest artists, Shallipopi and ODUMODUBLVCK – Shallipopi on the fan favorite Benin Boys and ODUMODUBLVCK on War Machine. This album had lots of risky elements in it, showcasing Rema’s willingness to experiment.
Olamide – Ikigai
Olamide released Ikigai on the 26th of June 2024. This EP is a testament to Olamide’s mastery of the music industry and his ability to always deliver on songs. With a total length of 22:05, the EP has collaborations with Nigerian artists like Fireboy DML on Uptown Disco and Pheelz, Young Jonn and Lil Kesh on Synchro System. This EP peaked 13 on the US World Albums (Billboard) while many of the songs are some of our party favorites.
Where does Nollywood stand?
Over the years, Nollywood has been an asset to the Nigerian economy, constantly contributing millions yearly to the GDP of the country. In 2024 alone, we witnessed several movies raking hundreds of millions at the box office. The growth in this industry is not from the wealth of talents anymore but also in the production and the stories being told.
A quick look at some of the highest grossing Nollywood movies in 2024 highlights this growth in the industry. From Kayode Kasum’s Ajosepo to Bolanle Austen-Peters’ Funmilayo Ransome-Kuti, this year saw an incredible number of blockbuster movies made by Nigerians for Nigerians.
Ajosepo – Kayode Kasum
Kayode Kasum’s Ajosepo is a romantic comedy of the story of a young couple set to get married but with tension, secrets and a dysfunctional family drama in the way of their wedding. It was released on the 10th of April 2024, with a star-studded cast including Muyiwa Ademola, Mercy Aigbe, Bisola Aiyeola, Timini Egbuson, Mike Afolarin, Deyemi Okanlawon, Ronke Oshodi Oke, Yemi Solade, and many more.
Ajosepo earned N51.9M in the first week of release and currently sits at about N257M.
Funmilayo Ransome-Kuti – Bolanle Austen- Peters
Bolanle Austen-Peters’ Funmilayo Ransome-Kuti is a biopic of the legendary Funmilayo Ransome-Kuti which highlights the journey of the popular Nigerian activist. It was released in Nigerian theatres on 17th of May 2024 bagging notable recognitions such as Best Overall Feature Film and Best Screenplay at the 12th edition of the Africa International Film Festival (AFRIFF), and Best Writing (Movie) at the Africa Magic Viewers Choice Awards (AMVCA).
Starring Kehinde Bankole, Joke Silva, Ibrahim Suleiman, Jide Kosoko, Adebayo Salami, Dele Odule, Omowunmi Dada, and Adunni Ade, Funmilayo Ransome-Kuti grossed a total of N157M at the Nigerian Box Office.
All’s Fair in Love – Deyemi Okanlawon
Deyemi Okanlawon’s debut movie as a producer, All’s Fair in Love tells the story of two best friends and business partners doing well together until they both fall in love with the same person and find themselves in a love triangle. The movie earned N7.6 million in ticket sales on 14th February, earning N10.4M during its advanced screening two days later.
Currently, it has earned about N132M.
The impact of social media
The Nigerian entertainment industry has witnessed tremendous growth from the use of social media platforms in promotions. A case study of this dates back to 2020 when several upcoming artistes became viral sensation on TikTok, pushing them into the limelight. 2024 has not been different with different talents and viral sensations coming up from the same platforms. We have witnessed trends that have left Nigerians in a chokehold, and one of such is the popular ‘Oblee’ sound.
From being just a regular song played on the streets of Nigeria, the use of TikTok for promotions has pushed the song to one of the most demanded songs at all parties in the country.
Contract controversies
With the years of growth in the Nigerian entertainment industry, one recurring issue has been rifts between artists and their record label over breach of contract. There have been controversies between artists and record labels and it has highlighted ongoing challenges in the industry, including issues of transparency, unfair agreements, and the struggle for creative freedom.
Artists vs. Labels: The Power Struggle
A recurring theme this year was the tension between artists and record labels over contractual obligations. Several artists accused their labels of exploitative practices, such as retaining disproportionate earnings, controlling creative output, and imposing restrictive conditions. This led to public spats, legal battles, and a broader conversation about artist rights.
Stories of artists signing deals without fully understanding the terms resurfaced. We also saw an increase in artists bringing their grievances on social media, either seeking to renegotiate or terminate contracts they deemed exploitative. The public often sided with the artists, leading to widespread criticism of record labels and calls for industry reform.
The contract controversies of 2024 underscored the need for greater transparency and fairness in the Nigerian music industry.
Conclusion
The year 2024 will be remembered as a transformative period for Nigerian entertainment, marking a significant chapter in the industry’s evolution. From record-breaking albums and blockbuster films, Nigerian creatives continued to redefine the possibilities of African creativity. 2024 will be remembered for its milestones as well as the continuous reinforcement of Nigeria’s position as a creative powerhouse, with music, films, and art.
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