How Ayodeji Balogun ‘Wizkid’ makes his money

This is just a glance into the personal finance of one of Africa’s biggest music stars

Wizkid  (Instagram/Wizkid)

Ayodeji Ibrahim Balogun, popularly known as Wizkid, is not only a household name in Nigeria but in several parts of the world after a sensational 2017.

Since hitting stardom in 2010, Wizkid’s wealth has quadrupled with numerous best selling songs and concerts.

As at 2017,  Wealthresults.com estimated Wizkid’s worth at $11.5 million.

Here is how the Chairman and CEO of StarBoy records makes his money.

1. Endorsement deals

Wizkid Glo Mobile Endorsement

Endorsements from corporate organisations form the main source of wealth for Wizkid. At present, he has several endorsement deals with corporate bodies in telecom, food & beverages and others. His first notable deals was withPEPSI in 2012. The deal was estimated at $350,000.

In 2013, he became an MTN Nigeriaambassador and went home with an N110 million contract with the telecommunication giant. He later  switched to Globacom as its ambassador in a deal estimated at N180 million.

2. Live performance and shows

Wizkid performing one his hits at a club in Lagos, Nigeria.  (BBC)

According to industry sources, the 'Pakoromo' crooner charges between N3 million and N5 million for his shows and N300,000 - N400,000 for organised events and concerts.

It is reported that he was recently paid $10,000 for a ten minute performance by AITEO to perform at the CAF African Player of the Year 2017 awards.

3. Licensing

RCA/Sony recording deal.  (My Naija Lyrics)

Wizkid also makes money from licensing and allowing his songs to be used in  films, commercials, TV shows and streaming on music distribution platforms.

It is estimated that the Nigerian star made above $200,000 from online streaming of 'My Love' and 'Come Closer' on Spotify.

4. Recording Deals

Wizkid recording a new album in Lagos.  (Pulse)

Wizkid also made a fortune from recording deals signed with international music labels. In 2017, he signed a multi-album deal with RCA Records and Sony Music International.