Exclusive: Sam Onyemelukwe forecasts positive outlook for Nigeria’s creative and entertainment business in 2024
By Zion Rufus
The Nigerian creative and entertainment industry is on the brink of a spectacular leap into 2024, and industry stakeholders and enthusiasts are bubbling with excitement over the anticipated growth and excellence.
The robust resilience of Nigeria’s entertainment landscape, combined with untapped potential in various segments, promises an era marked by innovation, excellence, and economic prosperity within the nation’s dynamic entertainment sector.
The enthusiasm for the coming year is palpable, driven by the conviction that the creative and entertainment industry will continue to be a pivotal force shaping Nigeria’s cultural narrative, spurring economic growth, and captivating audiences both at home and globally.
Sam Onyemelukwe, Senior Vice President of Global Business Development for Trace, recently shared insights during the Entertainment Week Lagos, an initiative of Livespot Foundation.
Anticipating a bright future for the film and entertainment industries in a candid conversation with Marketing Edge, he shed light on the substantial economic contribution of the entertainment sector.
Acknowledging the skepticism some may have about the industry’s financial scale, he stated, “Here in Nigeria alone, our media and entertainment business generates hundreds of millions of dollars.”
Breaking down the numbers, Sam highlighted that despite Nigeria’s vast population of 200 million people, a significant portion do not have disposable income. However, he emphasized that the few million living in major cities like Lagos, with the capacity to engage in events and entertainment, contribute substantially to the industry’s financial landscape.
Offering a practical perspective, he said “There’s only about three, four, five million of us that live in big cities that are able to come to an event like this that are, you know, living in Lekki, Aja, Kano etcetera. And within that, we’re spending. If each of us spends $10 in a year, that’s already 50 million,” driving home the point that even a modest expenditure of $10 annually from a relatively small percentage of the population makes a significant impact on the industry’s revenue.
Speaking further, the Trace SVP delved into the multifaceted nature of the entertainment business, dispelling misconceptions about its sole reliance on music.
While music is also undoubtedly a dominant and visible force, he pointed “Although music is the most visible, the most audio we hear it, we see it everywhere we go, do you know that the gaming, e-Sports actually generates twice the amount of money that music does in Nigeria alone.” This insight, he argued, pinpoints the diverse opportunities present in the media and entertainment sector beyond the musical realm.
Speaking further, the Trace SVP also emphasized the vast prospects within the industry, spanning TV and radio to internet platforms, gaming, literature, digital media, and internet access, an optimistic outlook which echoes the sentiment that the future is indeed bright for Nigeria’s entertainment business, defying challenges and stressful conditions in Lagos and Nigeria at large.
As Nigeria looks forward to 2024, the entertainment industry stands poised to seize untapped opportunities, break new grounds, and affirm its position as a key driver of economic growth and cultural influence. The diverse and dynamic nature of the industry, coupled with the innovative spirit of its stakeholders, paints a promising picture for an exceptionally successful and transformative year ahead.
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