Nigerian entertainment industry estimated to generate $14.82b by 2025 – Report

0 24


A recent report by the Nigerian Entertainment Conference (NECLive) predicted that Nigeria’s entertainment industry will grow to an estimated $14.82 billion in revenue by 2025, up from $4 billion in 2013.

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.

Also read: The president of LCCI urged the stakeholders of the entertainment industry to shape the future of the sector

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

The report takes an in-depth look at the growth, trends and opportunities in Nigeria’s creative and entertainment industry over the past decade and outlines its future expansion plans. The NECLive report for comprehensive insights into the direction and growth of the industry is available at nec.ng.

According to Adekunle Ayeni, the founder of Niclive, the industry has seen a remarkable transformation from a time when it struggled to sell music tapes and get airplay on radio stations to a phase where artists, managers, producers, directors and labels are based in established structures, increasing international recognition and acceptance.

According to him, this change in mindset highlights that music is not only an art but also a source of great income. He further explained that the film and comedy sectors are connecting with each other and moving to online platforms to adapt to modern technologies and increasing the growth of the sector.

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

“In 2012, the industry faced serious challenges, which created frustration and disappointment. However, that very frustration gave birth to NECLive’s visionary concept and became the spark for 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,” Ayeni said.

Also read: The Nigerian entertainment industry and the ‘ordinary’ under President Tinubu

He said for many aspiring actors and actresses who have made it big in Nollywood, their ever-increasing earnings numbers are a testament to the sweat and work put in over the past decade and beyond.

“Amidst growth, it is important to acknowledge the challenges that once faced the entertainment industry, such as high levels of piracy and crippling profitability, and lack of funding and international exposure that stifles innovation.

However, today’s landscape, shaped by the Internet, broadcast platforms such as Irocco TV, Billboard, Netflix, and social media giants such as Instagram, Twitter, TikTok, Youtube, Facebook, and Snapchat, along with platforms such as NECLive, have been a gathering place for industry giants for decades. He has served, facilitated conversations, provided solutions, and driven transformational changes in the industry.



Source link

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More