Exploring Trends in Music Entrepreneurship for Human Capacity Development in Nigeria: the Inherent Risks, and Risk Management Strategies

Abstract

Global trends in music, dance and dramatic entertainment entrepreneurship such as composing and production of music, online music streaming, and dramatic acts shared on various social media platforms; show the developments as promising areas for human capacity development in Nigeria. With the unprecedented economic downturn, insecurity, high population index, diminishing GDP index, youthful restiveness, unemployment, and the devastations of Covid-19 ravaging the country; it becomes imperative that some alternative means of economic sustenance, wealth generation, job creation, and youthful engagement, be pursued through such an enterprise as music and dramatic entrepreneurship. This paper explored the feasibility of establishing Music, dance and dramatic entrepreneurial centres across the country where individuals can engage in learning several ramifications of entertainment entrepreneurship that behove them; sharpening their skills, learning the concomitant risks; and risk management strategies, with the hope of getting sponsorship from the government, Non-Governmental Organizations (NGOs), independent agencies, and private individuals after the completion of pieces of training. Data was sourced from accomplished entrepreneurs from the entertainment industry, youths, and the general public through questionnaires, interviews, and participant observation. Existing literature on music and drama entrepreneurship, Tik Tok also formed secondary data. The major Finding of this work shows that entrepreneurship in the entertainment sector can still foster despite the COVID-19 pandemic if stakeholders can draw on the unique opportunity of streaming via online platforms. It is recommended that entertainment content creators, investors, entrepreneurs, and managers should key into this window instead of continuing to bewail the pandemic.