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Sunday, 26 November 2023 13:18

Nigeria Entertainment Industry To Generate $14.82bn By 2025

The Nigerian 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 industry boasts 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 Nigerian entertainment and media market compared to key competing countries like South Africa and Kenya.

Projections indicate an impressive 16.5 per cent 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 isn’t 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 like IrokoTV, ShowMax, Netflix, and Amazon Prime Video.

The sector has moved from the production and distribution of 1,800 films worth $5.1 billion in 2013  to 2,500 films worth $6.4 billion and counting. This makes Nigeria the 2nd largest film producer in the world.

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, 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 the industry giants, facilitated dialogues, provided solutions, and steered transformative changes within the industry.

Ayeni Adekunle Samuel, the founder of NECLive, 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 realisation of this dream became a remarkable reality.”

[Leadership]

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