CAIRO - 10 November 2023: The third edition of Intra-African Trade Fair, IATF2023, highlights the issue of streaming fraud, its impact on revenue, estimates of the magnitude of the problem, and the need for government and industry action to address the challenges.
This came in a keynote during the second day of the Fair ahead of a panel tackling the impact of streaming farms in the African music industry.
Director of Finance at Mavin Records in Nigeria, Ifeoma Okonkwo, said that streaming funds allegedly aren't seasoned labels are Ferlinghetti gaming streaming platforms by using a number of illegitimate ways to artificially increase your streaming numbers to pings an invasion of having a heat record virality can also avaricious to make more money.
"As of 2020 It was estimated that three to 10% of all streaming activity was fraudulence. Today that number has risen to at least 10% or more in some regions. That equals approximately $2 billion in potentially misallocated streaming revenues this year, and will be approximately $7.5 billion by 2020. By 2030,” she stated.
Okonkwo elaborated that when streaming farms are deployed to increase cles on a song, the revenue generated by those streams come from the overall pile from which rights holders are paid by streaming services.
Furthermore, she added that it is critical is permitted to promote fair play transparency and ethical behavior amongst all players in the industry that rewards jamille talents and artistic learner merits by promoting transparency education, more government involvement and the celebration of authenticity.
She urged the support of government agencies or policymakers to help to accelerate current efforts in slowing or completely shutting down operations of string funds.
The IATF2023, which is the third edition of the Intra-African Trade Fair, provides a platform for businesses to access an integrated African market of over 1.3 billion people with a GDP of over $3.5 trillion created under the African Continental Free Trade Area, according to the African Union.