This WIPO Nigeria webinar explored Intellectual Property financing in the Nigerian music industry, featuring global, Nigerian, and legal perspectives.
Alexander Cuntz, Senior Economist, IP and Innovation Ecosystems Sector, WIPO kicked off the conversation. He highlighted a global trend of music rights becoming a significant investment asset, with over $20 billion invested since 2019, driven by predictable streaming revenues and sophisticated IP securitization, primarily benefiting legacy artists.
Audu Maikori, Chairman/Founder at Chocolate City Group, went on to detail Nigeria's Afrobeats industry, valued at $200 million and projected to reach $1 billion. He identified challenges like piracy, weak enforcement, inadequate royalty tracking, and a lack of understanding of IP as a financial asset. Maikori stressed the need for IP to be recognized as collateral, for financial institutions to create tailored products, and for artists to prioritize self-funding and building a strong track record.
Sandra Oyewole, Partner and Head, Intellectual Property and Technology Practice, Olajide Oyewole LLP, a member of DLA Piper Africa; emphasized that ownership and control of IP are crucial for financial leveraging. She underscored the importance of legal counsel to avoid unfavorable contracts and navigate complex IP rights. Ms. Oyewole highlighted Nigeria's draft National IP Policy and Strategy as a vital framework to address legal and infrastructural gaps.
The discussion concluded that comprehensive structural reforms, improved IP education and sustained effort by artists are essential to unlock the full financial potential of Nigeria's burgeoning music industry.
View the recording of the session (Passcode: $$FpGIx1)