Virgin Music has emerged as the leading record label in Nigeria for 2024, dominating the market share through Q1 to Q3. According to a report from top Nigerian music data company TurnTable Charts, Virgin Music’s success is powered by its partnership with Dapper Music & Entertainment, which has enabled the label to capture the largest streaming market share across five major platforms in the country.
This accomplishment comes just a year after Virgin Music Group, part of Universal Music Group’s international network, launched its Nigerian operations. With Olukorede “Kay” Ikazoboh at the helm and Motolani Alake leading A&R and Marketing, the label has swiftly outpaced competitors. TurnTable Charts highlighted Virgin Music’s quick rise as remarkable, given its recent entry into the market.
Virgin Music Global currently leads with an 8.62% market share, with its Nigerian division contributing 8.15%. Dapper Music’s partnership, driven by successful releases from artists like Seyi Vibez and the fast-rising Vibez Inc, has pushed it ahead of long-established labels like YBNL Nation and Mavin Records.
Virgin Music and EMPIRE also reached a milestone by each surpassing 1 billion on-demand streams in 2024, a record since tracking began in 2020. Dapper Music, with a 7.97% market share, is the top Nigerian company, also breaking the 1-billion-stream mark by Q3. Key releases, such as Seyi Vibez’s chart-topping NAHAMciaga EP and Shallipopi’s hit Presido La Pluto, have reinforced Dapper Music’s influence.
Here are the top record labels by market share in Nigeria for Q1-Q3 2024:
- Virgin Music Global – 8.62%
- EMPIRE – 8.25%
- Dapper Music – 7.97%
- Vibez Inc – 4.09%
- YBNL Nation – 3.61%
- Mavin Records – 2.53%
- Plutomania Records – 1.84%
- ONErpm – 1.72%
- FlyBoy Inc – 1.35%
- Jonzing World – 1.33%
- Spaceship Entertainment – 1.29%
- Chocolate City Music – 1.28%
- To Your Ears Entertainment – 1.13%
- Def Jam Recordings – 1.12%
- Native Records – 1.12%
- KeyQaad – 1.10%
- Platoon Ltd – 0.94%
- Africori – 0.94%
- Interscope Records – 0.90%
- Republic Records – 0.75%
- Marlian Records – 0.74%
Virgin Music’s rapid rise reflects both the growing demand for Afrobeats globally and the powerful momentum behind Nigerian music. Under Ikazoboh and Alake’s leadership, Virgin Music Nigeria has set a new benchmark, spotlighting the immense growth potential of the Nigerian music industry.
