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 403403 Views
Rate this item
(1 Vote)

You Must Also Like

45122 comments

  • Comment Link Personalized Marketing Friday, 17 May 2024 17:33 posted by Personalized Marketing

    Howdy! I'm at work surfing around your blog from my new
    iphone 4! Just wanted to say I love reading through your blog and look forward to all
    your posts! Carry on the excellent work!

  • Comment Link Joshua Maddux Friday, 17 May 2024 17:27 posted by Joshua Maddux

    Useful info. Fortunate me I discovered your website accidentally, and I'm
    stunned why this coincidence did not took place in advance!
    I bookmarked it.

  • Comment Link ZOG909 Situs Judi Online Slot5000 Gampang Menang Friday, 17 May 2024 17:14 posted by ZOG909 Situs Judi Online Slot5000 Gampang Menang

    Heya exceptional website! Does running a blog such as this take a massive amount work?

    I've virtually no knowledge of programming but I had been hoping to start my own blog in the near future.

    Anyhow, should you have any ideas or tips for new blog owners please share.
    I understand this is off subject but I just needed to ask.

    Thanks!

  • Comment Link mobile detailing santa clarita Friday, 17 May 2024 17:11 posted by mobile detailing santa clarita

    When someone writes an paragraph he/she keeps the idea of a
    user in his/her brain that how a user can understand it.
    Thus that's why this article is amazing. Thanks!

  • Comment Link Marketing Personalization Friday, 17 May 2024 17:09 posted by Marketing Personalization

    I was wondering if you ever considered changing the structure
    of your blog? Its very well written; I love what youve got to
    say. But maybe you could a little more in the way of content so people could connect with it better.

    Youve got an awful lot of text for only having one or 2 pictures.
    Maybe you could space it out better?

  • Comment Link ad website Friday, 17 May 2024 16:51 posted by ad website

    Hey there! This is my first visit to your blog! We are
    a team of volunteers and starting a new project in a community in the same niche.
    Your blog provided us useful information to work on. You have done a outstanding job!

  • Comment Link mobile car detailing santa clarita Friday, 17 May 2024 16:28 posted by mobile car detailing santa clarita

    I'm gone to say to my little brother, that
    he should also go to see this website on regular basis to take updated
    from latest reports.

  • Comment Link winning303 Friday, 17 May 2024 16:24 posted by winning303

    I am extremely impressed with your writing skills as well as with the layout on your
    weblog. Is this a paid theme or did you customize it yourself?
    Anyway keep up the excellent quality writing, it's rare to see a nice blog like this one these days.

  • Comment Link mobile detailing santa clarita Friday, 17 May 2024 16:21 posted by mobile detailing santa clarita

    Heya great blog! Does running a blog such as this require a large amount of
    work? I have very little understanding of programming however I was hoping to start my own blog in the near future.
    Anyway, should you have any recommendations or tips for new blog
    owners please share. I understand this is off subject but
    I just wanted to ask. Many thanks!

  • Comment Link restaurantes en lima bonitos Friday, 17 May 2024 16:18 posted by restaurantes en lima bonitos

    Howdy! I could have sworn I've been to this blog before but
    after reading through some of the post I realized it's new to me.
    Nonetheless, I'm definitely happy I found it and I'll be bookmarking and checking back frequently!

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