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 289758 Views
Rate this item
(0 votes)

You Must Also Like

20419 comments

  • Comment Link Composite doors Friday, 24 May 2024 06:10 posted by Composite doors

    Maintaining your home cool with the natural fresh air from the outdoors assists you reduce cooling costs.

  • Comment Link apprendre langlais Friday, 24 May 2024 05:39 posted by apprendre langlais

    This paragraph gives clear idea for the new people of blogging, that actually how to do blogging.

  • Comment Link apprendre Lallemand Friday, 24 May 2024 05:22 posted by apprendre Lallemand

    Hi there, You have done an excellent job. I'll definitely digg
    it and personally suggest to my friends. I'm confident they
    will be benefited from this web site.

  • Comment Link https://makapizifaka.site Friday, 24 May 2024 05:21 posted by https://makapizifaka.site

    Hi just wanted to give you a quick heads up and let you know a few
    of the images aren't loading correctly. I'm
    not sure why but I think its a linking issue.

    I've tried it in two different internet browsers and both show the same outcome.

  • Comment Link https://appclouddatatech.site Friday, 24 May 2024 05:17 posted by https://appclouddatatech.site

    Heya i'm for the first time here. I came across this board and I find It truly useful
    & it helped me out a lot. I hope to give something back and aid others
    like you helped me.

  • Comment Link aprender italiano Friday, 24 May 2024 05:17 posted by aprender italiano

    Hey I know this is off topic but I was wondering if you knew of any widgets I could add to my blog that automatically tweet my newest
    twitter updates. I've been looking for a plug-in like this for quite some time and
    was hoping maybe you would have some experience with something
    like this. Please let me know if you run into anything.
    I truly enjoy reading your blog and I look forward to your
    new updates.

  • Comment Link Best Private University Friday, 24 May 2024 05:09 posted by Best Private University

    Hi i am kavin, its my first occasion to commenting anywhere, when i read this post i thought i could
    also create comment due to this brilliant piece
    of writing.

  • Comment Link https://futureglow.site Friday, 24 May 2024 05:00 posted by https://futureglow.site

    I've been surfing online more than 3 hours today, yet I never found any interesting article like yours.
    It is pretty worth enough for me. Personally, if all web owners and bloggers made good content as you did, the internet will be a lot
    more useful than ever before.

  • Comment Link https://arrowsacred22.site Friday, 24 May 2024 04:36 posted by https://arrowsacred22.site

    Hi! I could have sworn I've visited this web site
    before but after looking at some of the articles I realized it's new to me.
    Regardless, I'm definitely happy I stumbled upon it and I'll be bookmarking it
    and checking back often!

  • Comment Link https://connectdatadigitalconnect.site Friday, 24 May 2024 04:26 posted by https://connectdatadigitalconnect.site

    I do agree with all of the ideas you have introduced
    for your post. They're really convincing and can definitely work.
    Still, the posts are very brief for beginners. Could you please prolong them
    a little from next time? Thank you for the post.

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