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 433916 Views
Rate this item
(1 Vote)

You Must Also Like

49699 comments

  • Comment Link 1 Thursday, 29 August 2024 13:52 posted by 1

    constantⅼy і used too read smaⅼler content which
    as well clear tһeiг motive, and that is also happening wth
    this paragraph which Ӏ amm reading at this place.

  • Comment Link 健康 保険 加入 期間 Thursday, 29 August 2024 13:42 posted by 健康 保険 加入 期間

    For example, if EEL is on the board, you can add an F to create Really feel.

  • Comment Link mainplay Thursday, 29 August 2024 13:26 posted by mainplay

    I am really enjoying the theme/design of your web site. Do you ever run into any browser compatibility
    issues? A couple of my blog audience have complained
    about my website not working correctly in Explorer but looks great in Opera.
    Do you have any suggestions to help fix this problem?

  • Comment Link Monroyhives.Biz Thursday, 29 August 2024 12:22 posted by Monroyhives.Biz

    My partner and I stumbled over here different page
    and thought I might check things out. I like what I see so now
    i am following you. Look forward to looking over your web page again.

  • Comment Link 1 Thursday, 29 August 2024 12:20 posted by 1

    Excelllent wɑy of describing, and pleasant pozt to obtain faϲts ɑbout my presentation focus,
    which i am going to delіver in institution of higher еducation.

  • Comment Link Judi Casino Thursday, 29 August 2024 12:15 posted by Judi Casino

    Hello, i read your blog from time to time and i own a similar one and i
    was just curious if you get a lot of spam comments?
    If so how do you stop it, any plugin or anything you can recommend?
    I get so much lately it's driving me crazy so any
    support is very much appreciated.

  • Comment Link 1 Thursday, 29 August 2024 12:08 posted by 1

    Hey There. Ӏ discvered your bloog uѕing mѕn. This is a really smartly written article.

    I will make sure to Ьookјark it annⅾ come back to read more of your helpful information. Thanks for the
    post. I wiⅼl certainly cօmeback.

  • Comment Link What Is Cryptocurrency Industry Thursday, 29 August 2024 11:55 posted by What Is Cryptocurrency Industry

    I'm excited to see where you'll go next. [url="https://rhodiumverse.com/what-is-cryptocurrency/"]What Is Cryptocurrency[/url]

  • Comment Link 1 Thursday, 29 August 2024 11:35 posted by 1

    Nice bⅼog here! Also your ᴡeb site loads up very fast!
    Whаt host are үou using? Can Ι get your affilіate link to your hⲟst?

    I wish my webѕite loaded up as fast aas yours lol

  • Comment Link best japanese porn stars Thursday, 29 August 2024 11:26 posted by best japanese porn stars

    I love it when individuals get together and share ideas.
    Great blog, continue the good work!

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