On the artists/bands that gained commercial recognition, there are huge windfalls of profits to be made off them by the record label.
The remaining 10% made up of junkyard record labels; rely on the junk local artist to make sales.
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After careful investigation I bought into this philosophy and have chosen to adopt it although it is quit appealing to a few band or artist.
It will create room for both 7th label and the prospective bands/artist to adopt an intimate and specialized focus on what the entertainment market wants.
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7th record will sign talented but financially handicap local artists/bands within Nigeria and will be involved in every developmental phase required for the success of these artists/bands from music production, promotion to marketing.
In a report by Dozie Olamide (Fingers, 2009), it is said that one out of every ten local artist have the funding required for an album production and the existing labels do not make matters easy for these financially handicapped majority who may later end up doing street Rap battle instead of making good use of their talent. There are six major record labels presently enjoying 90% of the industry’s market share and these labels focus on financially viable musicians for their success (Entertainment weekly, 2008).