By Oluwatosin Maliki
In a recent report by NECLive, the Nigerian entertainment industry is projected to witness substantial growth, soaring from the $4 billion recorded in 2013 to an estimated $14.82 billion by 2025.
An in-depth analysis reveals that the financial surge across various industry sectors over the past decade has been notable in music, film, fashion, and comedy.
According to the NECLive Report, the industry has achieved a milestone, catapulting A-list actors, projects, and creative works onto the global stage.
Meanwhile, recent findings from the PWC report (Africa Entertainment and Media Outlook 2023 – 2027) highlight the remarkable growth of the Nigerian entertainment and media market in comparison to key competitors such as South Africa and Kenya.
The projection indicates an impressive 16.5 percent Compound Annual Growth Rate (CAGR) in revenue over the next five years, contributing significantly to the nation’s GDP.
The industry’s remarkable achievements can be attributed to various factors, including the rising internet accessibility among mobile users, expected to increase from 54 million to 78 million subscribers within this timeframe.
Additionally, the internet has facilitated more streaming platforms, with the integration of innovative technology like Generative AI poised to drive double-digit revenue growth.
This growth is evident in the shift from traditional methods of consuming music and movies, such as tapes and DVDs, to thriving on streaming platforms like Spotify, Netflix, and Amazon Prime Video, leading to international recognition and acceptance.
The film and comedy sectors have become intricately linked, transitioning to online platforms to adapt to modern technologies, fostering sectoral growth.
Despite these strides, challenges persist, including high piracy rates that impact profitability, limited funding hindering creativity, and a lack of international exposure.
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 realization of this dream became a remarkable reality.”