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 404705 Views
Rate this item
(1 Vote)

You Must Also Like

45450 comments

  • Comment Link milyar.com Tuesday, 21 May 2024 12:18 posted by milyar.com

    What's up to all, how is all, I think every one is getting more from this website, and your views are good in support of new visitors.

  • Comment Link slot anti rungkad Tuesday, 21 May 2024 12:16 posted by slot anti rungkad

    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 Sugar Defender Tuesday, 21 May 2024 12:16 posted by Sugar Defender

    Very quickly this site will be famous amid all blog viewers, due to
    it's pleasant articles

  • Comment Link bokep no sensor Tuesday, 21 May 2024 12:06 posted by bokep no sensor

    You should take part in a contest for one of the best sites online.
    I will highly recommend this site!

  • Comment Link https://cousinsvape.co.za/ Tuesday, 21 May 2024 11:42 posted by https://cousinsvape.co.za/

    Whoa! This blog looks just like my old one!

    It's on a entirely different topic but it has pretty much the
    same page layout and design. Wonderful choice of colors!

  • Comment Link Maxwin Kazanç Tuesday, 21 May 2024 11:37 posted by Maxwin Kazanç

    Thanks very interesting blog!

  • Comment Link memek becek Tuesday, 21 May 2024 11:37 posted by memek becek

    I all the time used to read paragraph in news papers but now as I am a user of internet thus from now I am using net for articles,
    thanks to web.

  • Comment Link Subconscious messages Tuesday, 21 May 2024 11:31 posted by Subconscious messages

    Hi there to every body, it's my first pay a visit of this blog; this web site carries amazing and in fact excellent information designed for readers.

  • Comment Link bokep jepang viral Tuesday, 21 May 2024 11:24 posted by bokep jepang viral

    Simply desire to say your article is as amazing. The clearness in your post is
    just great and i could assume you are an expert on this subject.

    Well with your permission let me to grab your feed to keep updated with forthcoming post.
    Thanks a million and please carry on the gratifying
    work.

  • Comment Link Analyzing dreams Tuesday, 21 May 2024 11:15 posted by Analyzing dreams

    naturally like your web site however you have to test the spelling on several of your posts.
    Several of them are rife with spelling problems and I in finding it very troublesome to inform the truth however I'll definitely come again again.

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