A CASE FOR SONGWRITING

"The biggest investment you can make is in songwriting." Victor Masondo

The music economy is one of the biggest things happening right now within the creative industry and the global business space. According to IFPI’s 2020 global music report, for 2019, total revenues for the global recorded music market grew by 8.2% to US$20.2 billion. Streaming revenue grew by 22.9% to US$11.4 billion and, for the first time, accounted for more than half (56.1%) of global recorded music revenue.

Based on the expert analysis and database of 70+ Global industries, IBISWorld presented a list of the Global Fastest Growing Industries by Revenue Growth (%) in 2020, of which music production and distribution were one of the top 10. Given these data, the value and potential of songwriting cannot be overemphasized, as it has the potential to generate income for all stakeholders

Who is a Songwriter?

A songwriter is a musician who composes musical compositions and writes lyrics for songs. A songwriter can also be called a composer, although the latter term tends to be used mainly for individuals from the classical music genre and film scoring but is also associated with writing and composing original musical pieces (Wikipedia).

Songwriting is perhaps the most viable path for a musician to live comfortably, especially after they cease being the rave of the moment. In an economy such as Nigeria, where pensions aren’t available for musicians, the only recurrent income you can hope to gain is from your work, i.e., the music you wrote, co-wrote, or performed.

Does everyone need to be a songwriter?

No. While there is a benefit to writing or composing your own music, you don’t need to write. However, it is important for you to secure a bit of your future by ensuring you get royalties (however little) on the songs you help bring to life. Royalties cannot be overemphasized, especially in a world where any song or work of art can go global and set you up for life.

Question: As an instrumentalist, since I’m being paid for my work, why should the artist include me in a royalty arrangement?

This is because the song you’re working on could make a lot of money. History is replete with instrumentalists who have earned a fortune from their roles in songs. Secondly, most songs you will encounter in these parts require you to add your creative juice. They often come half-cooked. If you do the work of fleshing out the music and making it more pleasing to the ears, you should get remuneration for it beyond a one-off payment.