In Nigeria today, there are a lot of record labels some of which which are popular and well known while there are some others that are still striving to make way in the music industry.
In this article, we will be considering the top 10 record labels in Nigeria, their CEO, net worth, some of their artistes, and many other things you need to know about them.
Before we proceed, let’s quickly take a glimpse at what a record label is all about.
What is A Record Label?
A record label is a media company which manages the the production, distribution, marketing, promotion, and enforcement of copyright for music recordings and video and at the same time look out for talented artistes to recruit.
Record labels are the ones who invest their money in the music of their artistes and for each artiste in a record label, there is always a record contract which would have been signed as a deal. The contract always entails the duration of time the artiste will spend in the record label, the amount of money that will be paid to the artiste, and some details such other terms and conditions, disclaimer, and many more.
How Can I Identify A Good Record Label?
To know if a record label is a good one either for thesake of research or probably you want to get signed as an artiste, here are the factors to consider to identify a good record label;
- Publishing time-table: For every organized and successful record label, there is always a recording schedule or time-table which every artiste signed under the label follows to release their songs. Before joining a record label or signing a recording contract, you need to make sure you can meet up with the schedule and also that the schedule meets up with how well you will like to release your songs. There have been a lot of past issues whereby artistes exit a record label due to the releasing schedule which doesn’t show up in their favor and a very good example of this is the case of Lyta who exited YBNL due to music release issues.
- Promotion team: Before joining a record label, you need to consider how strong and effective their promotion and marketing team is. As you might have known, a record label with a very good promotion team will help an artiste to become very popular and famous in no time and vice-versa. When we now talk of record labels with strong marketers, promoters, and fan base, Mavins Record is a very good and typical example. You could imagine how they were able to promote artistes like Tiwa Savage, Reekado Banks, and Rema to turn award-winning aristes within a very few years. So, when choosing a record label to get signed to, considering the effectiveness of the promotion team will be a very wise decision to make.
Now, having known that, let’s move on to the discussion on the top 10 record labels in Nigeria.
Top 10 Record Labels in Nigeria
1. Davido Music Worldwide (DMW) – Net Worth: $60 million
DMW Records is a leading record label in the Nigerian music industry which was founded in 2016 by the popular and well-known billionaire music artiste, Davido. DMW records have a lot of influential and talented singers who are also into the label and some of them are Mayorkun, Peruzzi, Idowest, Yonda, and many others. DMW records are known due to their possession of big music artists and their songs which always go very viral, thereby indicating how consistent hey are when it comes to the promotion of their artistes.
As of 2020, DMW Records net worth is estimated to be $60 million which the award-winning record label made from the songs they make, their youtube channel, and from other digital streaming platforms such as iTunes, Soundcloud, and many more.
Davido Music Worldwide is considered to be the best and the richest record label in Nigeria.
2. Mavins Record – Net Worth: $58 million
Mavins record also known as Supreme Mavin Dynasty is another big and one of the top record labels in Nigeria with quite a lot of great reputation and one of the strongest fan bases in the country. Mavins record was founded on the 8th day of May 2012 by the popular and well-known music artist, director, and producer, Don Jazzy. Mavins record is considered to appear as No. 2 on the list for the top 10 record labels in Nigeria due to their strong and active fanbase and it is also considered to be the oldest record label in the country. There are so many popular and award-winning musicians whose glory came to shine after joining the Mavins Record such as Tiwa Savage, Reekado Banks, Korede Bello, and many others. As of now, Mavins Record is still in possession of some of the top artists in the Nigerian music industry such as Rema, Dija, Johnny Drille, and many others plus some other aspiring ones who are still growing in their music career.
As of 2020, Mavins Records net worth is estimated to be $48 million which the record label made from music production and other monetary sources.
3. Starboy Entertainment – Net Worth: $30 million
Starboy Entertainment is a record label in Nigeria founded and owned by Wizkid, popularly known as Starboy. Starboy entertainment was founded in 2013 and have their headquarter located in Lagos State, Nigeria.
Starboy Entertainment according to the CEO, Wizkid was established to helpyoung upcoming artists to showcase their talents and become recognized in the Nigerian music industry. Some of the artists signed to the DMW record label are LAX, Legendury Beatz, Mut4y, and many others.
As of 2020, Starboy Entertainment net worth is estimated to be $30 million.
4. YBNL Nation – Net Worth: $28 million
YBNL Nation is a record label owned and managed by the popular and award-winning artist, Olamide who is also known as Olamide Baddo. YBNL Nation was established in 2012 and they also have their office located in Lagos.
Some of the artists signed into the YBNL Nation record label are Fireboy DML, DJ Enimoney, Young John, YBNL Mafia, and many others. YBNL is known for their strong promotion team although their release time-table may not be so favourable due to the presence of many artists in the label.
As of 2020, YBNL Nation net worth is estimated to be $28 million.
5. Dr. Dolor Entertainment – Net Worth: $16 Million
Dr. Dolor Entertainment is a record label in Nigeria owned and managed by Osadolor Nate Asemota popularly known as DR Dolor. The record label was established in 2013 and became so popular and recognized in 2016 after the release of Case, by one of their artists, Teni. Teni can be said to be the source of fame for the DR Dolor Entertainment record label and now coming up as #5 on our list for the top 10 record labels in Nigeria. Their head office is located at Dr. Dolor Entertainment HQ, Lekki Penninsula II, Lekki, Lagos.
The artists signed into the record label are Teni, Hotkid, Afin Osha, Nikita, and Ryan Omo.
As of 2020, Dr. Dolor Entertainment net worth is estimated to be $16 million.
You can read more about the label on their official website
6. Chocolate City – Net Worth: $15 Million
Chocolate City is a Nigerian record label that happens to be a subsidiary of the Chocolate City Group and the record label was founded in 2005. The CEO of the Chocolate City record label is Audu Maikori but was co-founded by Paul Okeugo. The record label is considered to be one of the biggest successful African indigenous record labels and some of the artists signed into the record label are M.I Abaga, Dice Ailes, CKay, Candy Bleakz, and others.
As at 2020, Chocolate City net worth is estimated to be $15 million.
7. PentHauze Music – Net Worth: $12 Million
PentHauze Music is a Nigeria based record label owned by the popular English-Igbo rapper, Phyno. The record label was founded in 2014, after the release of his first debut studio album. The record label once had Runtown as one of their artistes and now currently has Nuno, Rhatti, Cheque, Storm Rex, and others as their signees.
As of 2020, PentHauze Music net worth is estimated to be $12 million.
8. DM Records – Net Worth: $10.5 million
DM Records is a Nigerian record label owned by the popular Nigerian pop singer, Timaya, and was founded in 2005. DM Records is considered as one of the oldest record labels in Nigeria. One of the artists signed into the DM Records record label is King perry alongside others.
As of 2020, DM Records net worth is estimated to be $10.5 million
9. Spaceship Entertainment – Net Worth: $10 Million
Spaceship Entertainment is a record label that was founded in 2013 by the award-winning artist, Burna Boy. The record label has its head office located in Lagos and has become so popular over the last few years after it was founded.
As of 2020, Spaceship Entertainment net worth is estimated to be $10 million.
10. Doro Musik Gang – Net Worth: $5 Million
Doro Music Gang is yet another Nigerian based record label which was established in August 2018 by the popular and well-known businessman and human activist, Yusuf Abdou Ramy, AKA Doro Bom. The record label is a new one though but their success so far has been booming. Some of the artists signed into the Doro Musik Gang are Bobby Jazx, Lyta, and many others. The label seems to have a very promising future in the entertainment industry.
As of 2020, Doro Musik Gang net worth is estimated to be $5 million.
Here is a quick recap of the top 10 record labels in Nigeria in a short list;
- Davido Music Worldwide (DMW)
- Mavins Record
- Starboy Entertainment
- YBNL Nation
- Dr. Dolor Entertainment
- Chocolate City
- PentHauze Music
- DM Records
- Spaceship Entertainment
- Doro Musik Gang
Have anything to say about our arrangement and info of the top 10 record labels in Nigeria? Please, drop them in the comments section below.