Nigeria Entertainment Industry To Generate $14.82bn By 2025

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Nigeria’s entertainment industry It is predicted to grow from $4 billion in 2013 to $14.82 billion in 2025. Here is a recent NECLive report.

The report provides an in-depth analysis of the financial performance of industries ranging from the music industry to film, fashion and comedy over the past decade.

A statement released by NECLive Report reveals that the industry has set a record of impressive milestones and showcases its top stars, projects and innovations on a global scale. Recent findings from the PWC report (Africa Entertainment and Media Outlook 2023 – 2027) show that Nigeria’s entertainment and media market has shown impressive growth compared to key competitor countries such as South Africa and Kenya.

Forecasts indicate an impressive 16.5 percent compound annual growth rate (CAGR) over the next five years. This growth is due to various factors, including increasing internet penetration among mobile users, which is expected to grow from 54 million to 78 million subscribers during this time frame. Additionally, the proliferation of streaming platforms and the integration of innovative technology such as Generative AI are poised to drive double-digit revenue growth.

The industry has undergone a dramatic transformation from struggling to sell music tapes and getting airplay on radio stations to a phase where artists, managers, producers, directors and labels are based in established structures, gaining worldwide recognition and acceptance. This change in thinking shows that music is not only an art form but also a major source of income.

The film and comedy sectors are closely linked, moving to online platforms to adapt to modern technologies, enhancing the sector’s growth.

The film sector produced and distributed 1,800 films worth $5.1 billion in 2013, and 2,500 films worth $6.4 billion in 2013, making Nigeria the second largest film producer in the world.

The entertainment industry in Nigeria has seen tremendous expansion and massive growth in recent years.

The era of cassette tapes and DVDs has given way to a great show with sold-out international concerts and tours, international and local awards such as the Grammys, Billboard, BET, MTV Europe Music Awards and AMVCA. Broadcasting on digital platforms such as IrokoTV, ShowMax, Netflix and Amazon Prime Video, it has billions in views, top charts and revenue.

The sector was It has gone from producing and distributing 1,800 films worth $5.1 billion in 2013 to 2,500 to $6.4 billion and counting. This makes Nigeria the 2nd largest film producer in the world.

Amid growth, there are challenges that once plagued the entertainment industry, such as rampant piracy that has crippled profitability, and limited funding that stifles innovation and lack of international exposure.

However, today’s landscape, shaped by the Internet, includes social media giants such as IroquoTV, Billboard, Netflix, and social media platforms such as Instagram, Twitter, TikTok, Youtube, Facebook, and Snapchat, along with platforms such as the Nigerian Entertainment Conference (NECLive) for the past decade. He brings people together, facilitates conversations, provides solutions and drives transformational change in the industry.

Ayeni Adkunele Samuel, founder of NECLive recalls, “In 2012, the industry faced serious challenges, frustration and disappointment. However, that very frustration gave birth to NECLive’s visionary concept that sparked change. This bold initiative aims to bring together the country’s best creative and industrial minds, facilitate dynamic brainstorming sessions, foster invaluable networking opportunities and showcase unique talents. In the year In 2013, the realization of this dream became a wonderful reality.

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