Three African Kings: How WizKid, Burna Boy and Davido Built Their Empire

Nigeria is famed for many things - its vibrant culture, lively people and increasingly influential music scene. Afrobeats is an exciting fusion of traditional African music married with western pop influences. The genre has captured the world's attention in a BIG way. The infectious rhythms and deeply emotive lyrics have captivated listeners globally and being Nigerian I’m happy it’s getting the recognition it deserves. The genre's popularity continues to rise creating a lucrative industry that has allowed talented artists to amass considerable wealth.

At the forefront of this movement are three Nigerian maestros - WizKid, Burna Boy and Davido. These music titans have not only risen to the pinnacle of the Afrobeats genre but they've also achieved immense financial success. They have become more than musicians - they are entrepreneurs, trailblazers, and trendsetters!

Their stories are a powerful testament to the fusion of talent, ambition, and business acumen. They also highlight the potential of the Afrobeats genre and Nigerian music industry. Let's delve into how WizKid, Burna Boy, and Davido built their fortunes, popularised Afrobeats and in the process changed the face of African music on a global stage.

WizKid

Born Ayodeji Ibrahim Balogun in 1990, WizKid, dubbed Starboy, started his career in the music industry as a teenager. His debut album, "Superstar," propelled him into the limelight and marked the start of his ascension into Afrobeats. His second album, "Ayo," and his collaboration with Drake on "One Dance" marked a significant milestone in his career.

WizKid’s financial prowess is rooted to his music releases, world tours, and high-profile partnerships. He is estimated to have a net worth of around $30 million as of 2023. His 2016 global hit "One Dance," topped charts in 15 countries, proving a major income source. WizKid also enjoys significant earnings from streaming platforms, with Spotify alone registering over 3 billion streams for his songs. His high-profile endorsements also contribute significantly to his wealth; his deal with Pepsi reportedly earned him a cool $350,000, while his partnership with the United Bank for Africa was inked at an estimated $3 million. His self-owned record label, Starboy Entertainment, also generates a steady income stream.

Burna Boy

Damini Ogulu, better known as Burna Boy burst into the Afrobeats scene with a unique style that seamlessly blended dancehall, reggae, and Afrobeats. His distinct sound and powerful lyrics quickly caught the attention of fans across Nigeria and beyond.

Burna Boy’s net worth has grown rapidly in the last couple of years through album sales, performances, and endorsements. Burna Boy has accrued an estimated net worth of $20 million as of 2023. His Grammy-winning album, ‘Twice as Tall’ and ‘African Giant’ sold millions of copies worldwide and his tracks have amassed billions of streams on music platforms all contributing to his wealth. Additionally, his performances at world-renowned venues and festivals have allowed him to command high fees contributing significantly to his income. For instance his 2019 Coachella performance reportedly brought in a six-figure paycheck. Burna Boy also banks on endorsements - his deal with Star Lager Beer is rumored to be worth hundreds of thousands of dollars per year.

Davido

Born David Adedeji Adeleke Davido is one of the wealthiest artists in the Nigerian music scene. He began his music career while still in college in the United States but quickly moved back to Nigeria to pursue music full-time.

Davido's estimated net worth stands at $40 million in 2023. His music career is a significant wealth contributor with his hit single "Fall" reportedly making over $500,000 in revenues from streaming platforms alone. His multi-million dollar endorsement deals also significantly bulk up his earnings. For instance, his deal with Infinix Mobile is speculated to be worth $350,000 per annum and he signed a $1 million+ deal with Sony Music in 2016.

Davido is also the founder and owner of DMW (Davido Music Worldwide), one of the leading record labels in Nigeria, housing popular artists such as Mayorkun and Peruzzi. This venture has significantly diversified his revenue streams.

Pushing Afrobeats Globally

WizKid, Burna Boy, and Davido have played a vital role in pushing Afrobeats beyond the borders of Africa. With their unique sounds and consistent delivery of chart-topping hits, they have captured the attention of a global audience and made Afrobeats a mainstay in the international music scene. Collaborations with international stars like Drake, Chris Brown, Major Lazer, and others have been instrumental in this expansion. These collaborations have not only increased their visibility on the international stage but also created a global demand for Afrobeats.

Blueprint Lessons

1. Capitalise on Cultural Capital: The global appeal of Afrobeats largely lies in its rootedness in African culture, which WizKid, Burna Boy, and Davido have cleverly leveraged. They've capitalised on their cultural capital, turning it into a unique selling proposition that differentiates them from others in the industry. For businesses, this underscores the value of understanding and utilising unique aspects of their culture or heritage to carve out a niche for their products or services in the marketplace.

2. Embrace Your Authenticity: All three artists have maintained an authentic connection with their Nigerian roots, which has resonated deeply with audiences globally. Their songs often touch on Nigerian realities, culture, and languages, which enhances their appeal. This teaches businesses that authenticity can be a powerful tool for establishing trust and loyalty with consumers. Brands that remain authentic and true to their values can create deep connections with their customers that go beyond transactions.

3. Resilience in the Face of Adversity: The rise of these artists to global stardom hasn't been without challenges. However, they've shown remarkable resilience, persevering in the face of adversity and turning setbacks into comebacks. This resilience can be a crucial lesson for businesses, reminding them that challenges are often part of the journey to success. Maintaining resilience and keeping an eye on long-term goals, even when the going gets tough, can be the difference between failure and success.

In essence, these lessons from ‘The Big 3’ highlight the importance of utilising cultural capital, maintaining authenticity, and exhibiting resilience. These principles, while drawn from the music industry, have wide-ranging applications in the business world. By adopting these principles, businesses can build a robust and resilient foundation for success.

Conclusion

In conclusion, WizKid, Burna Boy, and Davido have built their wealth through a strategic combination of music, endorsements, and entrepreneurship. They’ve used their talent and business acumen to not only amass considerable wealth but also to bring Afrobeats to the forefront of the international music scene. Their success serves as inspiration for aspiring Africans and around the world, demonstrating the potential of African culture on the global stage.