Nigeria’s entertainment industry is projected to experience a revenue growth from $4 billion in 2013 to an estimated $14.82 billion in 2025. This is, according to the recently released NECLive report.
The report provides an in-depth analysis of the financial performance across various industry sectors over the past decade, spanning from the music industry to film, fashion, and comedy.
A statement by NECLive Report said the exciting industry possesses an impressive track record of milestones, projecting its superstars, projects, and creative works onto the global stage.
Recent findings from the PWC report (Africa Entertainment and Media Outlook 2023 – 2027) underscore the remarkable growth of the nation’s entertainment and media market compared to key competing countries such as South Africa and Kenya.
Projections indicate an impressive 16.5% Compound Annual Growth Rate (CAGR) in revenue over the next five years.
This growth is attributed to various factors, including the rising internet accessibility among mobile users, with an expected increase from 54 million to 78 million subscribers within this timeframe.
Additionally, the surge in streaming platforms and the integration of innovative technology like Generative AI are poised to drive a double-digit revenue growth.
The industry has undergone a remarkable shift from struggling to sell music tapes and gain airplay on radio stations to a phase where artists, managers, producers, directors, and labels are thriving on established structures, leading to increased international recognition and acceptance. This paradigm shift highlights that music is not merely an art form but a substantial source of revenue.
The film and comedy sectors have become intricately linked, transitioning to online platforms to adapt to modern technologies, fostering sectoral growth.
The film sector’s evolution from producing and distributing 1,800 films worth $5.1 billion in 2013 to 2,500 films valued at $6.4 billion currently, has positioned Nigeria as the world’s second-largest film producer.
The Nigerian entertainment industry has undergone significant expansion and exponential growth in recent years.
The era of cassette tapes and DVDs has given way to a thriving scene marked by sold-out global concerts and tours, international and local awards such as the Grammys, Billboard, BET, MTV Europe Music Awards, and AMVCA, exclusive movie premieres and cinema viewings, topping charts and grossing billions through extensive streaming on digital platforms such as IrokoTV, ShowMax, Netflix, and Amazon Prime Video.
Amidst progress, there are challenges that once plagued the entertainment industry, such as high cases of piracy which crippled profitability, and limited funding that hampered creativity as well as lack of international exposure.
However, today’s landscape has been shaped by the internet, streaming platforms like IrokoTV, Billboard, Netflix, and social media giants like Instagram, Twitter, TikTok, Youtube, Facebook, and Snapchat, along with forums like the Nigerian Entertainment Conference (NECLive), which has for the past decade served as gathering for industry giants, facilitated dialogues, provided solutions, and steered transformative changes within the industry.
Founder of NECLive, Ayeni Adekunle Samuel, recalls: “In 2012, the industry encountered formidable challenges, causing frustration and disillusionment. However, that very frustration became the catalyst for a transformative spark, giving birth to the visionary concept of NECLive.
”This audacious initiative aimed to unite the nation’s finest creative and industry minds, facilitating dynamic brainstorming sessions, fostering invaluable networking opportunities, and showcasing exceptional talent. In 2013, the realization of this dream became a remarkable reality.”
Source: Dailytimesng
