Mavin Records, one of Nigeria’s leading record labels, has reportedly spent an average of $225,000 on releasing music for their artists in the first quarter of 2023, according to media personality Joey Akan on Twitter.
The record label, which has been known for churning out hits after hits, has released 7 records from 5 artists in the last three months. Notably, each artist had one of their singles released during the period.
Boy Spyce was the first artist to release a single under Mavin Records this year, with his hit track “Folake” dropping on January 25th. Ayra Starr followed suit two weeks later with her debut album “Sability,” while Rema dropped “Holiday” and “Reason You” on February 15.
After a month-long hiatus, Crayon released “The One,” while Magixx rounded off the quarter with “Colors” and “Royal.”
The cost of producing and promoting music in Nigeria is relatively high. According to Akan, established artists and record labels typically spend an average of $35,000 to work on a single track, covering costs for radio, TV, digital marketing, influencer campaigns, clubs, and DJs. Additionally, music videos cost an average of $10,000 per video.
With Mavin Records releasing five singles in the last three months, the cost of producing and promoting each track adds up to a total of $225,000. This is a significant investment that has been made possible through venture capital funding from Kupanda.
Nigeria’s music industry is highly competitive, and the financial barrier to entry is one of the biggest challenges facing upcoming artists. Without a substantial amount of money to cover production and promotion costs, it is almost impossible for artists to break into the mainstream market.
Mavin Records’ investment in their artists shows a commitment to creating quality music and dominating the charts. As the Nigerian music industry continues to grow, it is likely that more record labels will follow Mavin Records’ lead and invest heavily in their artists to stay ahead of the competition.