The Nigerian entertainment market has been predicted to reach  US$15.03m by 2027 exhibiting a compound annual growth rate (CAGR) of 14.75% by 2027. Presently, The Nigerian entertainment market size is valued at US$8.67m in 2023.

This is according to insights and analysis made available by Statista, leading market research store platform.

The Entertainment market covers apps that offer a wide range of entertainment and leisure experiences. Top apps such as Netflix, HBO Max, and Disney+ provide countless hours of streaming movies and shows to subscribers, while TikTok’s extremely short videos and highly versatile recommendation algorithm has made it one of the biggest social media giants.

This robust growth is fueled by several factors such as Young and Growing Population whereby Nigeria boasts of a young and rapidly growing population with a median age of 21. This demographic is a prime target for entertainment content and services. Another factor is The rise of internet and mobile phone usage which is fueling the consumption of digital entertainment content through streaming platforms, social media, and online ticketing services.

The In-app purchase (IAP) revenue in the Entertainment market was projected to reach US$2.42m in 2022 while the paid app revenue in the Entertainment market was projected to reach US$0.22m in 2022.

In August 2022, Amazon Prime Video announced the launch of the localized version of its streaming service in Nigeria. According to an IMF report, the industry is projected to generate an estimated revenue of $10.8 billion by 2023 and account for 1.4% of GDP. The report indicates that in 2020, Nigeria overtook South Africa in pay TV subscription as the country currently has over 6.9 million pay TV households as of 2021.  It is projected to grow to upwards of 7.4 million by 2023. A new study by Research and Markets, shows that Nigeria will contribute about 10 million, or 21.2%, of Africa’s pay television subscribers by 2025.

The Nigerian entertainment industry is not just a market; it’s a cultural force, a platform for dreams, and a driving force for economic development.