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 289644 Views
Rate this item
(0 votes)

You Must Also Like

20389 comments

  • Comment Link aprender alemán con ai Thursday, 23 May 2024 12:59 posted by aprender alemán con ai

    Hey there! I'm at work surfing around your
    blog from my new iphone! Just wanted to say I love reading your blog and look forward
    to all your posts! Keep up the excellent work!

  • Comment Link bocoran pola kemonbet pasti maxwin Thursday, 23 May 2024 12:47 posted by bocoran pola kemonbet pasti maxwin

    Hi there! This is kind of off topic but I need some guidance from an established blog.
    Is it difficult to set up your own blog? I'm not very techincal but
    I can figure things out pretty fast. I'm thinking about making
    my own but I'm not sure where to start. Do you have any tips or suggestions?

    Appreciate it

  • Comment Link Specialized Spine Surgeries Long Island Thursday, 23 May 2024 12:43 posted by Specialized Spine Surgeries Long Island

    Fantastic beat ! I would like to apprentice while you amend your web site, how can i subscribe for a
    blog site? The account aided me a acceptable deal.
    I had been tiny bit acquainted of this your broadcast offered bright clear concept

  • Comment Link slot server bangkok Thursday, 23 May 2024 12:28 posted by slot server bangkok

    I'm gone to convey my little brother, that he should also pay a
    quick visit this blog on regular basis to get updated from
    latest gossip.

  • Comment Link кент казино Thursday, 23 May 2024 12:27 posted by кент казино

    Центральную часть главной
    страницы занимают обложки
    лучших слотов и азартных игр
    из других разделов.

  • Comment Link Abogados segunda oportunidad Thursday, 23 May 2024 12:10 posted by Abogados segunda oportunidad

    Fastidious respond in return of this question with genuine arguments and telling all concerning that.

  • Comment Link https://cloudsmartappdata.site Thursday, 23 May 2024 12:09 posted by https://cloudsmartappdata.site

    These are really fantastic ideas in regarding blogging.
    You have touched some nice things here. Any way keep up wrinting.

  • Comment Link Contextual Advertising Google Thursday, 23 May 2024 12:07 posted by Contextual Advertising Google

    Замечательный сайт!!! Неожиданно обнаружил его в Google и очень обрадовался!
    Статьи, которые я изучил здесь,
    оказались познавательными и очень полезными.
    Большое спасибо за такой превосходный, увлекательный контент.
    Я, кстати, тоже пишу статьи на различные темы, но в основном
    про SEO продвижение и контекстную рекламу Google https://varecha.pravda.sk/profil/solomandra2023/o-mne/ Если вам будет любопытно, посетите на мой сайт, поделимся идеями!

  • Comment Link Зеркало Pokerdom Thursday, 23 May 2024 11:59 posted by Зеркало Pokerdom

    Встречаются виндфоллы, в которых имеется шанс сорвать призовой фонд.

  • Comment Link 슈어맨 Thursday, 23 May 2024 11:55 posted by 슈어맨

    I am really impressed with your writing abilities and also with the format to your blog.
    Is this a paid topic or did you customize it yourself?

    Anyway stay up the nice high quality writing, it's uncommon to see a
    great blog like this one today..

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