Firm set to invest heavily to deepen entertainment industry
As Nigeria’s entertainment business continues its growth trajectory, contributing significantly to GDP, more investors are committing resources to tap in to the opportunities of the industry with estimated total revenue of $8.1 billion in 2019.
With confidence and deep understanding of the entertainment business dynamics, a group of young men under the firm- Lion Music Records, a 360 degree pan African music company says the company is coming with strong drive this year to commit itself to the further development of the entertainment industry which it believed is largely untapped.
The CEO of the label company, Fakayode Oluwatobi told BusinessDay recently that the company which has been in existence for about a decade but decided to push up said “We have garnered experience over the years and because of our strategic positioning, we have been able to secure fresh investments for the Nigerian entertainment industry.
“I want make it bold that more than any label, we will be investing heavily in the Nigerian entertainment industry within the next one year and we have enough budget to elevate the entertainment industry to a level”, he said.
Against Nigerians expectation that the music industry is saturated, Fakayode said the music industry is largely untapped. “As much as we think there is saturation, vacuum exists in the music industry and we hope to fill it
“By Grace of God, we have been associated with some of the biggest event brands in Nigeria and abroad. We will be the group to watch in the Nigerian music industry”, he said confidently.
The firm has also signed on a music artiste, Fakayode Timilehin popularly called TIM who has been doing music officially for about 4 years. He is a graduate of Computer Science from Babcock University but chose to follow his love for music which has seen him record many songs.
Demola Olufowobi, representing Tope Esan who is the head of management for the label said for TIM, “we have done our research before picking him. When we started sampling artistes in Nigeria, we got over 10,000 applications and today we have unveiled our first artiste”.
According to him, the label is not only signing artistes but “we will be having a marketing company who handles content. And the entire licensing and distribution chain of the music industry is what we will invest in.
“We are also talking with established artistes to form joint venture partnership with them in various parts of music value chain”, he said. Lions Music also unveiled Nigeria’s foremost DJ Kentalky as the label’s official.
Daniel Obi