Nigeria’s E&M estimated to sustain its annual growth at 8.8% – Danbatta
By Ibidunni Banjoko
Barrister Adeleke Adewolu, Executive Commissioner (Stakeholder Management), Nigerian Communications Commission (NCC), has said that Nigeria’s consumer revenue in Entertainment and Media (E&M) is estimated to sustain its annual growth at the rate of 8.8% (one of the highest in the world) making it the fourth highest earner by 2026.
Adewolu, who represented Professor Umar Garba Danbatta, Executive Vice-Chairman and Chief Executive Officer of the NCC at the recently held 10th Anniversary of Brand Journalists Association of Nigeria’s (BJAN) Annual Marketing Conference and Awards, made this revelation in Lagos.
According to him, the report was contained in PricewaterhouseCooper’s (PwC) latest industry Med “Perspectives from the Global Entertainment & Media Outlook 2022 – 2026”. The firm projects that this growth rate will be driven by strong growth in games, music, and cinema video.
“Due to heavy leverage on digital platforms the Nigerian entertainment industry has gone global. Nollywood is one of the biggest movie industries in the world; in fact, more movies are produced by Nollywood yearly in comparison to Hollywood. Nigerian music stars are in hot demand worldwide because of their popularity and brand recognition on social media. We should add that many of these global superstars emerging from Nigeria launched into stardom by leveraging mobile content platforms to grow their brands,” he said.
He explained that digital platforms are fostering different types of systemic change, creating new brands, eroding the value of some brands, whilst at the same time increasing the value of other brands. “The innovation transformation disruption cycle has come to stay and will be exacerbated as technology continues to evolve,” he said.
Adewolu assured that the NCC will continue to aggressively drive the rollout and seamless operation of digital infrastructure to drive new digital technologies for the benefit of all sectors of the economy. “It is our hope that Nigerian brands will continue to leverage this infrastructure to grow their value and ensure that our country derives maximum benefit from unfolding digital transformation efforts,” he said.
RECOMMENDED ARTICLES
Comment
No comments found.