Entertainment 08 May 2022

Our Entertainment is the best in the World

Nigeria’s media and entertainment industry, “Nollywood,” originated in 1992. It is currently the second most prolific film industry in the world. It is a globally recognized brand for

practitioners in film, including script writing, directing, sound, acting, cinematography, make-up, and editing. The industry is located throughout several major production centers like Lagos, Onitsha, Enugu, Asaba, and Abuja.  Nollywood was valued at $3.6 billion in 2016 and is projected to be worth $6.4 billion by 2021. The music sector also recorded significant growth over the years. 

According to PwC Global Entertainment and Media Outlook for 2020-2024, Nigeria’s media and entertainment industry is one of the fastest growing creative industries in the world.  It has the potential to become the country’s greatest export, with projected annual growth rate of 8.6% and a compound annual growth rate (CAGR) of 19.3% from 2018-2023. PwC indicates that in 2021, Nigeria’s film industry contributed 2.3% and about 239 billion naira ($660 million) to GDP and projects that the industry will increase its export revenue earnings to over $1 billion. The motion picture and music recording industry exceeded 2020 projected $806 million revenue contributing about 730 billion naira ($1.8 billion) to the country’s GDP.

The country’s television and video market grew by 7.49% to $806 million in 2020, up from $732 million in 2018. The industry is projected to earn about $900 million in 2023. The market is driven by subscription revenue, which accounted for 72.26% of total revenue in 2018. TV advertising accounts for 21.31% of total revenue while physical home videos account for 5.33%. Subscription-based movie streaming are also very popular in Nigeria attracting players like Netflix, Iroko TV, and Startimes.  Although Netflix subscription has long been available in Nigeria, they made their official debut in Nigeria in February 2020, joining several major distributors of filmed content in Nigeria.

Read 289766 Views
Rate this item
(0 votes)

You Must Also Like

20420 comments

  • Comment Link Oshi no ko t shirts Friday, 24 May 2024 07:10 posted by Oshi no ko t shirts

    This is a topic which is near to my heart... Best wishes!
    Where are your contact details though?

  • Comment Link Slot Terpercaya Friday, 24 May 2024 07:05 posted by Slot Terpercaya

    I have learn some good stuff here. Definitely value bookmarking for revisiting.
    I wonder how much attempt you place to make this sort of great informative web site.

  • Comment Link best chanel perfume for women Friday, 24 May 2024 06:58 posted by best chanel perfume for women

    Very good blog post. I absolutely appreciate this website.
    Thanks!

  • Comment Link aprender alemão com IA Friday, 24 May 2024 06:57 posted by aprender alemão com IA

    I'm curious to find out what blog system you happen to be utilizing?
    I'm having some small security issues with my latest blog and I would like to find something more
    safe. Do you have any suggestions?

  • Comment Link https://connectsmartonlinenet.site Friday, 24 May 2024 06:56 posted by https://connectsmartonlinenet.site

    I’m not that much of a online reader to be honest but your
    blogs really nice, keep it up! I'll go ahead
    and bookmark your website to come back later. All the best

  • Comment Link 유로247 Friday, 24 May 2024 06:56 posted by 유로247

    Have you ever thought about creating an ebook or guest authoring on other blogs?
    I have a blog based on the same ideas you discuss and would really like to have
    you share some stories/information. I know my subscribers would value
    your work. If you're even remotely interested, feel free to shoot me an e-mail.

  • Comment Link olx anunturi gratuite Friday, 24 May 2024 06:55 posted by olx anunturi gratuite

    Hey, I think your website might be having browser compatibility issues.
    When I look at your blog site in Chrome, it
    looks fine but when opening in Internet Explorer,
    it has some overlapping. I just wanted to give you
    a quick heads up! Other then that, very good blog!

  • Comment Link Cabemanis88 Friday, 24 May 2024 06:49 posted by Cabemanis88

    You ought to take part in a contest for one of the greatest sites online.

    I most certainly will highly recommend this web site!

  • Comment Link https://www.alphahubsoftware.com/maximizing-your-winnings-easy-methods-to-choose-the-best-online-slots/ Friday, 24 May 2024 06:40 posted by https://www.alphahubsoftware.com/maximizing-your-winnings-easy-methods-to-choose-the-best-online-slots/

    I don't even know how I ended up here, but I believed this post used to be great.
    I do not understand who you might be however certainly you're going to a famous
    blogger when you are not already. Cheers!

  • Comment Link otuslot Friday, 24 May 2024 06:33 posted by otuslot

    I am curious to find out what blog platform you have been working with?
    I'm having some minor security issues with my latest blog and
    I'd like to find something more risk-free. Do you have any solutions?

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.

Newsletter Subscribe

Allows the customer to subscribe to the mailing list of your choice