…As D’banj pioneers model with CREAM
Nigeria’s music industry generated N901 billion in revenue in 2024, with projections pointing toward a billion-dollar valuation by 2033. Yet, independent artists continue to face thin margins from traditional streaming platforms. A growing number of voices in the sector now see direct-to-consumer (D2C) models as a practical way to improve earnings and retain more value locally.
D’banj’s CREAM platform (Creative Reality Entertainment Arts & Music) represents one of the most visible local attempts at this shift. The platform, which has built a base of over seven million subscribers, focuses on direct music purchases using mobile data, USSD codes, and integrations with MTN and banks. It promises artists up to 70 million naira for one million track downloads. In 2025, Afreximbank, through its CANEX Creations Inc. arm, entered a strategic equity partnership with CREAM to support talent discovery, content monetisation, and expansion across Africa.
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The move aligns with a broader industry discussion on ownership. Afrobeats journalist Joey Akan has examined whether CREAM can address low streaming payouts in Nigeria. In a video analysis, Akan noted the industry’s rapid growth but questioned who would capture future value.
“901 billion naira. That is what Nigeria’s music industry generated in revenue last year,” Akan said. “The Nigerian Music Industry will hit a billion dollars by 2033 at the current growth rate… with or without any government support. The question… is the most important question: Who will own that billion? Will it be Nigerian investors, Nigerian institutions… or would it be the foreign labels, foreign streaming platforms, the foreign funds?”
Adekunle Shorinola, of Durozy International, a Nigerian music rights management company, said that the platform is a timely move for the Nigerian music industry, saying independent artists have been solely dependent on international streaming platforms for too long. “D2C platforms shift the (dependent) dynamic by allowing artists to connect directly with their fans, own their data, and explore other revenue streams like subscriptions, exclusive content, and fan experience. This also reduces royalty leakage and gives more transparency around earnings, which is a big issue for many creatives,” Shorinola said.
Akan pointed to limited local institutional support. Government schemes such as the Creative Industry Financing Initiative have existed on paper but reached very few practitioners. Traditional banks often require collateral like land titles, which does not fit music catalogs or intellectual property. As a result, much of the capital flowing into Nigerian music has come from foreign distributors and platforms.
Local private investment remains modest. Some Nigerian entrepreneurs provide angel funding to artists or small labels, while distributors such as M.A.D Solutions and InterSpace reinvest earnings into regional talent. Larger structured deals have largely involved external partners. For example, Mavin Records received equity from Kupanda Holdings (linked to TPG Growth) in 2019 before a majority stake went to Universal Music Group. Afreximbank’s equity in CREAM stands as one of the clearer recent examples of institutional backing for a Nigerian-led D2C effort.
Against this backdrop, D2C approaches aim to reduce dependence on foreign streaming royalties by letting artists sell directly to fans. International case studies illustrate the potential gains.
Independent hip-hop artist Mick Jenkins tested a D2C-first strategy in 2025 using the EVEN platform— a direct to fan infrastructure that enables artists sell music and exclusive content to consumers. He offered new projects for a 14-day pre-release window at a $20 price point before releasing them on DSPs such as Spotify and Apple Music. In 2024, using streaming only, Jenkins earned $176,947 in total music revenue. In 2025, after adding D2C sales, his total rose to $332,277, an 88 percent increase. The D2C window contributed roughly $145,000–$146,000 in additional revenue from two releases, while streaming revenue stayed nearly flat at around $143,000–$147,000.
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He also built a database of 7,055 opted-in fans and generated $32,505 in merch sales from the same audience. His releases still secured over 25 editorial playlist placements, including Spotify’s New Music Friday, showing that a short D2C window did not damage DSP visibility.
Symphonic Distribution, a distributor focused on independent artists, partnered with EVEN in late 2025 to offer similar pre-release D2C storefronts. The arrangement allows artists to sell music and bundles directly before tracks hit streaming services. It provides daily payouts, ownership of fan data, and support for multiple payment methods. One Symphonic artist saw pre-release revenue comparable to 350,000 streams.
UMG made superfan monetisation its number 1 strategic priority for 2026, striking deals with EVEN with 500,000+ artists, 110+ countries, and acquiring a stake in Stationhead. Goldman Sachs revised its forecast upward, projecting $4.3B in incremental annual revenue by 2026, rising to $6.6B by 2035.
Warner Music’s CEO put it plainly: “Both artists and superfans want deeper relationships; it’s relatively untapped and under-monetised.”
Spotify’s 2025 Loud & Clear report provides context on the limits of streaming alone. The platform paid out more than $11 billion to the music industry in 2025, with payouts growing over 10 percent year-on-year.
Roughly half of those royalties went to independent artists and labels. More than 13,800 artists earned at least $100,000 from Spotify, and over 1,500 earned $1 million or more. More than a third of artists earning $10,000 or above were DIY or began as self-releasing artists.
These figures show streaming delivers reach and discovery, especially for newer and independent acts. However, per-stream rates remain low, especially in regions like Nigeria. For many artists, the bulk of income still comes from live performances rather than digital royalties.
Another key challenge for D2C is the potential adoption rate by Nigerian fans. Melody Nehemiah, Founder of SongDis, a Nigerian music distribution company, highlighted the critical difference between markets. He noted that direct-to-fan strategies thrive in the West because consumers there are already accustomed to paying for content through platforms like Patreon and Bandcamp, or by purchasing physical items like vinyl and merchandise. This existing payment culture is why growth seen in Western D2C case studies, such as Mick Jenkins’ 88 percent increase on EVEN, is achievable.
In contrast, Nehemiah explains that Africa is different because most fans do not pay for Digital Streaming Platforms (DSPs) at all. This preference for free consumption is the primary reason why Audiomack and Boomplay have become dominant in the region. For these fans, “Free isn’t a stepping stone here, it’s the destination.” Additionally, global statistics like Spotify’s claim of paying 50 per cent of royalties to independent artists are misleading, as that money is largely generated by Western subscribers, making “The Nigerian slice tiny.”
Shorinola suggests that for D2C to work, artists need to put in the work. “Artists need to build communities, not just chase the streams. It’s not random listeners that will willingly use the website or apps solely to listen to your music. ” It’s the core fans or someone who connects to an artist’s story, lifestyle, community, and creative experience that will be willing to pay for that closer access,” he said.
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Experts, however, say that D2C doesn’t replace traditional streaming as DSPs are still essential for discovery and global reach. Shorinola said that D2C complements DSPs by turning attention more to the actual income for independent artists, especially.
In this case, artists keep a larger share per transaction, gain direct customer relationships for future releases and merch, and receive faster cash flow. In markets like Nigeria, where mobile data and USSD access matter, platforms such as CREAM can lower barriers for both artists and fans compared to app-based foreign services.
According to music analysts, the challenges remain execution risks, including building user trust, managing payments at scale, and achieving consistent adoption.
Joey Akan’s commentary frames the issue as one of ownership: with the industry on track for significant growth, D2C strategies offer Nigerian artists and entrepreneurs a tool to capture more of that value directly. As more independent artists experiment with pre-release sales and fan databases, D2C is moving from niche experiment to a practical part of the music business in Nigeria.
