14. Music Industry
The Music Industry in Ethiopia is very profitable for those that engage in the various sectors within the industry.
Event organizers and promoters make a killing with concerts in Ethiopia; they achieve this by preparing the venue, recruiting performers, and advertising their shows.
In 2017, Jorka Promotion worked their sponsors Habesha Breweries S.C., paid 3,200,000 ETB or 118,519 USD to organize a concert and their performers were paid from 20,000 ETB or 740,741 USD to 500,000 ETB or 18,513 USD depending on their popularity.
Estimates on profit vary from 2 to 5 times the initial investment.
Recording in Ethiopia, is most often not done in an institutionalized and professional manner, with artists or “bedroom producers” creating their music in their homes or small studios.
Ethiopia is a country full of musically talented individuals that have produced great outputs but do not have a clue how to get it out into the world.
The need for well-organized record labels, highly-equipped studios and music training institutions is one of the best investments one can make entering into the music industry.
Music video production is another great sector within the Ethiopian music industry. The music business has changed due to the introduction of YouTube and other video sharing sites.
Instead of recording and selling entire albums, artists are now just releasing singles, one at a time and monetizing the videos online, dependent on the number of views per video.
As the industry becomes more and more reliant on music videos, the question of quality comes in to the picture, and video producers can charge prices ranging from 60,000 ETB or 2,223 USD to about 150,000 ETB or 5,556 USD a video, making it a great way to make money.