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 289258 Views
Rate this item
(0 votes)

You Must Also Like

20329 comments

  • Comment Link Merter Escort Wednesday, 22 May 2024 08:09 posted by Merter Escort

    Aw, this was a really nice post. Taking a few minutes and actual effort to create a great article…
    but what can I say… I procrastinate a lot and never manage
    to get nearly anything done.

  • Comment Link email verifier website Wednesday, 22 May 2024 08:05 posted by email verifier website

    We absolutely love your blog and find many of your post's
    to be just what I'm looking for. Do you offer guest writers to write content to suit your needs?
    I wouldn't mind publishing a post or elaborating on most of the subjects you write regarding here.
    Again, awesome web site!

  • Comment Link Deutsch lernen Wednesday, 22 May 2024 07:50 posted by Deutsch lernen

    I've been browsing on-line more than three hours these days, but I by no means discovered any attention-grabbing article
    like yours. It is pretty value sufficient for me. In my opinion, if
    all site owners and bloggers made excellent content as you did, the net will likely be much more
    helpful than ever before.

  • Comment Link Koreanisch lernen mit KI Wednesday, 22 May 2024 07:36 posted by Koreanisch lernen mit KI

    Yes! Finally someone writes about Koreanisch lernen.

  • Comment Link Deutsch lernen Wednesday, 22 May 2024 07:33 posted by Deutsch lernen

    Howdy! I know this is kinda off topic but I was wondering which blog platform are you using for this site?
    I'm getting fed up of Wordpress because I've had issues with hackers and I'm looking at options for another platform.
    I would be awesome if you could point me in the direction of a good platform.

  • Comment Link best roofer in warrenville il Wednesday, 22 May 2024 07:29 posted by best roofer in warrenville il

    Good post. I am facing a few of these issues as well..

  • Comment Link Taktik Bocoran Pola ZOG909 Wednesday, 22 May 2024 07:13 posted by Taktik Bocoran Pola ZOG909

    I absolutely love your blog.. Excellent colors & theme.
    Did you develop this web site yourself? Please reply back as I'm hoping to create my own personal blog and want to learn where you got this from or exactly what the
    theme is called. Thank you!

  • Comment Link لایسنس آفیس 365 Wednesday, 22 May 2024 07:08 posted by لایسنس آفیس 365

    wonderful submit, very informative. I wonder why the
    other experts of this sector do not understand this.
    You should continue your writing. I am sure,
    you have a great readers' base already!

  • Comment Link SOS Products Safety Solutions Wednesday, 22 May 2024 07:04 posted by SOS Products Safety Solutions

    Our option of supplies are additionally the ideal choice for outdoor lovers.

  • Comment Link Englisch lernen mit KI Wednesday, 22 May 2024 06:59 posted by Englisch lernen mit KI

    Hi! I know this is somewhat off topic but I was wondering which blog platform are you using for this site?
    I'm getting tired of Wordpress because I've had issues with hackers and I'm
    looking at options for another platform. I would be great if you
    could point me in the direction of a good platform.

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