Marvin Records spent not less than $225,000 (160 million naira) to release songs for artists on their roster in the first quarter of 2023, according to renowned music analyst, Joey Akan.
The Afrobeats Intelligence podcast host revealed that data collected from multiple records labels operating locally put the average going rate for established artists and records labels to work a single at $35,000.
He said the rate covers visuals and promotions.
“Mavins have 5 campaigns in the last 3 months, spending an average of $225,000 to work pop songs and dominate the charts with each release,” Akan said in a tweet on Tuesday.
Mavin Records released seven songs from five of their artists in the first quarter of 2023: Boy Spyce’s ‘Folake’ on January 25th, Ayra Starr’s “Sability” on February 9, Rema’s ‘Holiday’ and ‘Reason You’ on February 15, Crayon’s ‘The One’, and Magixx ‘Colors’ and ‘Royal.’
Recall that singer Iyanya recently came out to say the Nigerian music industry is capital intensive.
He claimed that he spent a whopping 52 million naira on the visuals and promotion of his 2022 hit track ‘Like’, which featured Davido and Kizz Daniel.
He said the least he has spent on music promotion since January 2021 is 27 million naira.
