Finance

• Infinity Media
• 6 Min Read
• 662 Views

Wizkid's Net Worth According To Forbes

Wizkid, born Ayodeji Ibrahim Balogun, is one of Africa's most successful and internationally recognized artists. Known for his vibrant Afrobeats sound, the Nigerian singer-songwriter has made waves in the global music industry with chart-topping hits, major collaborations, and a solid brand that continues to grow. Wizkid’s impact has gone beyond music to create significant wealth, making him a prominent figure in the entertainment industry. In this post, we’ll explore Wizkid's net worth according to Forbes, how he has accumulated his wealth, and his various business ventures that contribute to his financial success.

Wizkid’s Background and Rise to Fame

Wizkid started his career in music at a young age in Lagos, Nigeria. Initially performing under the name Lil Prinz, his big break came after he signed with Banky W's record label, Empire Mates Entertainment (E.M.E.), in 2009. His debut single, “Holla at Your Boy,” from his first album, Superstar (2011), was a massive hit that earned him recognition across Africa.

Wizkid’s career went international after he collaborated with Drake on the 2016 hit single “One Dance,” which became a global phenomenon. This song brought him widespread recognition in North America, Europe, and beyond, solidifying his place as a global star and helping to usher in the popularity of Afrobeats worldwide. Since then, Wizkid has collaborated with major artists such as Beyoncé, Chris Brown, Justin Bieber, and Skepta, which has not only elevated his status but also his earning potential.

Wizkid's Net Worth According to Forbes

According to Forbes, Wizkid’s net worth has been estimated at around $25 million as of 2024. This wealth places him among the richest musicians in Africa, with much of his income coming from a combination of music sales, brand endorsements, live performances, and other business ventures. Forbes calculates these figures based on earnings from concert revenue, streaming platforms, album sales, and various endorsement deals.

How Wizkid Makes His Money

Wizkid’s journey to accumulating wealth has involved strategic investments in both music and other lucrative ventures. Here are the key sources of his income:

1. Music Sales and Streaming Revenue

Wizkid's music catalog, which includes albums like Superstar, Ayo, Sounds from the Other Side, and Made in Lagos, generates substantial income from streaming platforms like Spotify, Apple Music, and YouTube. His song “Essence” featuring Tems became a global hit in 2020, reaching international audiences and even earning a remix with Justin Bieber. The popularity of “Essence” helped Made in Lagos achieve global streaming success, pushing Wizkid’s earnings even higher.

With the Afrobeats genre growing in popularity, streaming revenue for African artists has been on the rise. Wizkid has accumulated millions of streams on digital platforms, earning significant royalties that continue to grow each year. According to reports, “Essence” alone contributed significantly to his net worth due to its high streaming numbers and its inclusion on various charts, such as Billboard Hot 100, where it peaked within the Top 10.

2. Endorsements and Sponsorships

Wizkid’s brand partnerships have also played a major role in boosting his income. Over the years, he has collaborated with several international brands:

• Pepsi: One of Wizkid’s earliest endorsements was with Pepsi, which reportedly paid him a substantial sum to be an ambassador. His contract with Pepsi is one of his longest partnerships, highlighting his ability to sustain brand value over time.

• Ciroc: Wizkid is one of the ambassadors for Ciroc, a premium vodka brand. As a Ciroc ambassador, Wizkid promotes the brand at various events, and his association with the brand adds to his earnings.

• MTN and Glo: Wizkid has also signed endorsement deals with major Nigerian telecommunications companies, MTN and Glo. These deals are valued at millions of Naira and further boost his earnings.

• Nike: Wizkid partnered with Nike to create the Starboy jersey, which sold out within minutes upon release. This collaboration highlighted his influence in fashion and contributed significantly to his brand visibility and net worth.

• UBA (United Bank for Africa): In 2019, Wizkid was signed as a brand ambassador for UBA, a leading African bank. This endorsement deal is reported to be one of the most lucrative, helping cement his financial status.

Endorsements like these are crucial sources of income for Wizkid. As his brand grows internationally, it opens doors to even more partnerships with global companies, ensuring he remains a prominent figure in brand sponsorships.

3. Concerts and Tours

As a globally recognized musician, Wizkid earns a significant income from live performances and tours. His tours, both in Nigeria and internationally, are highly anticipated and often sold out. Wizkid’s concert tickets are priced high, especially for his performances in Europe and the United States. For instance, his 2021 tour for Made in Lagos was successful, with tickets selling out in major cities worldwide.

Additionally, Wizkid headlines some of the biggest music festivals globally, such as Coachella and Afro Nation, where he commands impressive performance fees. Forbes often factors in the revenue generated from concerts and tours as a major component of artists' net worth, and for Wizkid, this area is substantial.

4. Record Label: Starboy Entertainment

Wizkid established his own record label, Starboy Entertainment, in 2013. The label not only serves as a platform for his music but also houses several artists, including producers and musicians who contribute to his earnings. By creating his label, Wizkid gains full control of his music and earns royalties from any artist he signs or collaborates with under the Starboy umbrella.

With Starboy Entertainment, Wizkid has ventured into music production and distribution, maximizing his income potential by cutting down on intermediary costs and receiving a more significant share of profits from his music.

5. Fashion and Merchandise

Wizkid has also ventured into fashion, launching merchandise lines and collaborating with fashion brands like Nike. The limited-edition Starboy jerseys were wildly successful, further proving his influence in fashion. He has also hinted at expanding his fashion line to include more products, which could become a future revenue stream.

Fashion merchandise is popular among music artists, and Wizkid’s Starboy-branded items have been well-received by fans. The demand for his merchandise has added another layer to his wealth, as he continues to build his brand beyond music.

Future Prospects for Wizkid’s Net Worth

Wizkid’s net worth is likely to increase in the coming years. With Afrobeats gaining global popularity, Wizkid stands at the forefront of the genre’s expansion, ensuring a steady increase in his music streaming revenue and concert demand. His successful partnerships with global brands and potential ventures into other areas, like fashion and film, further open up opportunities to grow his wealth.

Moreover, the rise of digital platforms and the potential for virtual concerts and online streaming events means more income avenues for artists like Wizkid. As he continues to innovate and expand his brand, his influence—and income—is expected to rise.

Conclusion

According to Forbes, Wizkid’s net worth, estimated at around $25 million, is a reflection of his immense talent, hard work, and strategic business ventures. From music sales and endorsements to his record label and brand collaborations, Wizkid has built a multi-faceted empire. His success is an inspiration to aspiring artists and entrepreneurs across Africa and beyond, showing that dedication, innovation, and a keen business sense can create lasting wealth.

As Wizkid continues to rise on the global stage, his net worth is set to grow, establishing him not only as a musical icon but also as a powerful brand in the global entertainment industry.