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 225007 Views
Rate this item
(0 votes)

You Must Also Like

11672 comments

  • Comment Link https://100sent.site Monday, 20 May 2024 17:07 posted by https://100sent.site

    It's very easy to find out any matter on web as compared to textbooks, as I found this paragraph at this web site.

  • Comment Link Nyílt forráskódú szoftverközösségek Monday, 20 May 2024 17:05 posted by Nyílt forráskódú szoftverközösségek

    Hi! I just wanted to ask if you ever have any issues with hackers?

    My last blog (wordpress) was hacked and I ended up
    losing several weeks of hard work due to no backup.
    Do you have any solutions to prevent hackers?

  • Comment Link IT-service management tools Monday, 20 May 2024 17:03 posted by IT-service management tools

    This website was... how do you say it? Relevant!!
    Finally I've found something which helped me. Thank you!

  • Comment Link Data management strategies Monday, 20 May 2024 17:03 posted by Data management strategies

    Thanks for sharing your thoughts about Ent1. Regards

  • Comment Link https://allpartnight.site Monday, 20 May 2024 17:00 posted by https://allpartnight.site

    Heya i'm for the first time here. I came across this board and I find It truly useful & it helped me
    out much. I am hoping to present something back and aid
    others such as you aided me.

  • Comment Link https://alphasphere.site Monday, 20 May 2024 16:58 posted by https://alphasphere.site

    Thanks for a marvelous posting! I seriously enjoyed reading it, you may be a great author.
    I will ensure that I bookmark your blog and may come back
    sometime soon. I want to encourage yourself to continue your great job, have a
    nice weekend!

  • Comment Link PORNO Monday, 20 May 2024 16:55 posted by PORNO

    I need to to thank you for this fantastic read!! I certainly enjoyed every little bit of it.
    I've got you saved as a favorite to look at new things you post…

  • Comment Link dewascatter Monday, 20 May 2024 16:54 posted by dewascatter

    Hello to all, how is all, I think every one is getting more from this web site, and your views are
    pleasant for new viewers.

  • Comment Link dewascatter Monday, 20 May 2024 16:53 posted by dewascatter

    Write more, thats all I have to say. Literally, it seems as though you relied
    on the video to make your point. You clearly know what youre talking
    about, why waste your intelligence on just posting
    videos to your blog when you could be giving us something informative to
    read?

  • Comment Link Az internet dolgok (IoT) megoldásai Monday, 20 May 2024 16:45 posted by Az internet dolgok (IoT) megoldásai

    of course like your web-site however you need to take a look at the spelling on several of your posts.

    A number of them are rife with spelling problems and I find it very troublesome to
    tell the truth on the other hand I will 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