Nigerian entertainment industry market set to rise to US$13.89m by 2027
By Felicia Nwosu
The growth of Nigerian entertainment industry revenue is expected to rise by an annual growth rate of 14.22%, resulting in a projected market volume of US$13.89m by 2027.
Statista described Nollywood as one of the largest film industries in the world in terms of number of films produced. Although its previous projection revealed that the total revenue in the Entertainment market was previously projected to reach US$6.88m in 2022.
The report said the industry is a significant part of the Arts, Entertainment and Recreation Sector which contributed 2.3% (NGN239biliion) to Nigeria’s Gross Domestic Product (GDP) in 2016. The data attributed the growth to the fact that globally, the art and entertainment sector are impacted by technology and shifts in people’s consuming habits.
Statstista added that the industry hit an all-time low in 2020 where the percentage contribution to Nigeria’s GDP was -3%. It stated that contribution to the GDP rose to 1.72% in 2021 indicating a growth of 3.40%. Taking a look at how much Nollywood contributes to Nigeria’s economy, the statistical firm affirmed that the industry currently accounts for N 853.9 billion ($7.2 billion), or 1.42 percent of Nigeria’s GDP.
In positioning, the report ranked Nollywood as the second-largest in the world in terms of output, turning out over 2,500 movies each year. This amount, it noted, tops Hollywood and is only surpassed by Bollywood in India, with estimated annual revenue of $1.2 billion, making it one of the most prolific film industries in the world
Meanwhile, it stated that Motion picture and music recording accounted for 154 billion Nigerian naira (NGN) (estimated 197.6 million U.S. dollars) of Nigeria’s GDP in 2023.
Following another report by PwC, it pointed that Nigeria’s media and entertainment industry has the potential to become one of the country’s exports, with a projected annual consumer growth rate of 8.8% (CAGR). The global platform rated Nigeria as one of the fastest growing creative industries in the world.
RECOMMENDED ARTICLES
Comment
No comments found.