Impact of music industry on Africa’s economy

Rwanda recently made history by hosting the first-ever Trace Awards and Festival on the African continent. The event, which was estimated to have a production cost of around $4 million, attracted artists and guests from all over the world, showcasing the country's rich culture and talent on a global platform. With third-party partners estimating a brand visibility of $56 million even before the event took place, Rwanda's investment in hosting the festival is expected to have a significant economic impact. The event has not only provided a platform for Rwandan artists to showcase their creativity but has also opened up opportunities for collaboration and skill development within the creative industry. The total revenue of the music industry is projected to reach $131 billion by 2030, highlighting the immense economic potential of the arts and music sector in Africa. Despite the current underrepresentation of African artists in global music revenue, initiatives like the Better platform aim to improve the collection and payment of music rights, providing a boost to the creative economy. With the increasing global popularity of African music genres like Amapiano and Afrobeat, there is a growing demand for African content and talent on the global stage. By investing in a digital, platformized approach and garnering support from governments and investors, the African creative economy has the potential to grow into a multi-billion dollar industry, creating jobs and driving economic value across the continent.