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 400672 Views
Rate this item
(1 Vote)

You Must Also Like

44216 comments

  • Comment Link David and Goliath HVAC Sunday, 19 May 2024 17:36 posted by David and Goliath HVAC

    Thanks for sharing your thoughts. I really appreciate your
    efforts and I will be waiting for your next post thanks once again.

  • Comment Link David and Goliath HVAC Sunday, 19 May 2024 17:36 posted by David and Goliath HVAC

    Howdy! I'm at work browsing your blog from my new iphone!
    Just wanted to say I love reading through your blog and look forward to all your posts!

    Keep up the fantastic work!

  • Comment Link David  Goliath HVAC Sunday, 19 May 2024 16:54 posted by David Goliath HVAC

    When some one searches for his essential thing, so he/she wishes to
    be available that in detail, thus that thing is maintained over
    here.

  • Comment Link paito hongkong Sunday, 19 May 2024 16:45 posted by paito hongkong

    Greetings! Very useful advice in this particular post!

    It's the little changes that produce the biggest changes.

    Many thanks for sharing!

  • Comment Link David  Goliath HVAC Sunday, 19 May 2024 16:37 posted by David Goliath HVAC

    Wow, incredible blog layout! How long have you been blogging for?

    you make blogging look easy. The overall look of your site
    is wonderful, as well as the content!

  • Comment Link David and Goliath HVAC Sunday, 19 May 2024 16:30 posted by David and Goliath HVAC

    Wonderful blog! I found it while surfing around on Yahoo News.

    Do you have any tips on how to get listed in Yahoo News?
    I've been trying for a while but I never seem to get there!
    Cheers

  • Comment Link David  Goliath HVAC Sunday, 19 May 2024 16:10 posted by David Goliath HVAC

    Hey would you mind letting me know which web host you're working with?
    I've loaded your blog in 3 different browsers and I must
    say this blog loads a lot faster then most. Can you recommend a good web hosting provider at a reasonable price?
    Thanks a lot, I appreciate it!

  • Comment Link David  Goliath HVAC Sunday, 19 May 2024 16:00 posted by David Goliath HVAC

    If you are going for best contents like myself, just pay a visit this site
    every day as it presents quality contents, thanks

  • Comment Link David and Goliath HVAC Sunday, 19 May 2024 15:42 posted by David and Goliath HVAC

    What's Going down i'm new to this, I stumbled upon this I've discovered It absolutely helpful and it has aided me
    out loads. I hope to give a contribution & assist different customers like its aided me.
    Good job.

  • Comment Link lembu4d Sunday, 19 May 2024 15:21 posted by lembu4d

    Valuable info. Fortunate me I found your web site by chance,
    and I am surprised why this coincidence did not
    came about in advance! I bookmarked it.

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