Headies Awards Founder Ayo Animashaun Says Most Nigerian Artists Are Struggling Financially

Veteran music executive and founder of the prestigious Headies Awards, Ayo Animashaun, has shed light on the harsh financial realities many Nigerian artists face, revealing that only a handful of top stars are truly making substantial income.

Speaking during a candid interview on the TejuBabyface Show, Animashaun explained that while some artists project the image of wealth and success, the majority are struggling behind the scenes.

“A lot of artists are not making money,” he said. “You can’t even count ten that are really making money in Nigeria right now. Apart from the big names and a few record labels, most others are struggling.”

He emphasized that streaming revenue in Nigeria is minimal compared to global standards, describing local streaming income as “peanuts.” According to him, only the elite artists consistently headline major shows or secure lucrative deals, while many upcoming and mid-level performers barely get enough paid appearances to sustain their careers.

“They struggle just to look good and stay visible, hoping for a breakthrough,” Animashaun noted. “Some of these artists may have made money in the past, but are they still making money today? Very few are consistent.”

The media entrepreneur advised artists to honestly assess their position within the evolving industry and consider pivoting strategies — either by targeting more supportive international markets or exploring alternative career paths.

“The industry is emerging, and if you understand where you are in it, you can decide whether to keep pushing, change direction, or even step away,” he concluded.

His remarks have sparked conversations across the Nigerian entertainment scene, highlighting the economic challenges that remain hidden beneath the glittering facade of Afrobeats’ global rise.