Speaking at the ongoing social media week, Nigeria’s Superstar singer, D’banj, made a shocking revelation at the event.
According to D’banj, most of the new generation record labels are founded by Yahoo boys, and it is only in Nigeria that the owner of a record label doesn’t know anything about music.
Here’s what he said;
Most of the new generation record labels are founded by Yahoo boys. You must understand first, why are you coming into music. Nigerian artistes need a lot of capacity building. It is only in Nigeria that the owner of a record label doesn’t know anything about music.”
D’banj who spoke on the topic: “Changing the Game: Artistes are leaders”, further said that fame might not bring wealth but thinking out of the box will.
“The fear of being poor made me to think out of the box to create wealth for myself and remain relevant. “Fame will not guarantee you money; fame will not give you wealth, but it can give you what you need if you channel it properly. “Channelling your fame properly to create wealth is another advantage that stands you out,” he said.
Recall that last year, Nigerian superstar rapper, M.I Abaga who appeared on Pulse’s LooseTalk Podcast, spoke about issues affecting the Nigerian music industry. According to him, “there’s no bank in the history of Nigeria that has given one Naira to any label. There’s one corporate entity that has given any label. It’s young guys.’
The interview which ran for over two hours, touched on many aspects of the music business. At some point during the conversation, financing in the Nigerian music business and surprisingly, the rapper had good words to say about internet fraudsters, who he claims have been filling the gap by financing artistes, in the absence of corporate sponsors and brands.
In his words:
“There’s no bank in the history of Nigeria that has given one Naira to any label. There’s one corporate entity that has given any label. It’s young guys.
In fact, you’re more likely to get money from a Yahoo boy. Shout-out to Yahoo boys. May God prosper your business.”