Nigerian entertainment in 2002 and 20 years after

Entertainment In Nigeria
Entertainment In Nigeria

The only thing moving in Nigeria is the entertainment industry and maybe because the government has no hand it.

The Nigerian Entertainment Industry comprises Nollywood, the Nigerian Film Industry, Cinema, Music, Television, Radio, and Video game.

The growth between 2002 and 20 years after, has shown that there is hope in Nigeria.

The entertainment industry is now a globally recognized brand for practitioners in music, film, including script writing, directing, sound, acting, cinematography, make-up, and editing.

The industry is located throughout several major production centers in the country like Lagos, Onitsha, Enugu, Asaba, and Abuja.

The major changes we observe between 2002 till date includes

  1. The style of music or movies has changed
  2. The artist or actors ( we have new faces)
  3. The equipment used to work during production
  4. The entertainment has been accepted worldwide not just local like before.
  5. The industry is one of the biggest in Africa, not just in Nigeria.
  6. The industry has produced more Top acts across the world.

Advertisement

Aside from all the major changes also, According to PwC Global Entertainment and Media Outlook for 2020-2024, Nigeria’s media and entertainment industry is one of the fastest growing creative industries in the world.  

PwC indicates that in 2021, Nigeria’s film industry contributed 2.3% and about 239 billion naira ($660 million) to GDP and projects that the industry will increase its export revenue earnings to over $1 billion.

The motion picture and music recording industry exceeded 2020 projected $806 million revenue contributing about 730 billion naira ($1.8 billion) to the country’s GDP.

According to International Trade Administration Nigeria produces around 2,500 films annually and is projected to record total cinema revenue of $22 million in 2021, rising at 8.6% CAGR.  Total music revenue is estimated to rise to $73 million at 13.4% CAGR in 2021. As of 2021, the local industry employs about a million people and generates over $8 billion for the economy. According to IMF report, the industry is projected to generate an estimated revenue of $10.8 billion by 2023 and account for 1.4% of GDP.

Also, the music sector of Nigeria’s entertainment industry also recorded significant growth over the years. Stakeholders include artists, musicians, producers, promoters, managers, distributors, and marketers. In the past six years, the growing numbers of new production studios and artists enabled a more vibrant and self-sustaining industry.

The investments have aided production of world-class quality music.  In this environment, Nigerian musicians have developed a vast spectrum of music genres.

The industry has won prestigious awards with artists like Wizkid and Burnaboy claiming Grammy awards hence attracting more and more investments from several sources such as Spotify, the global leader in music streaming is also moving into the Nigerian market as part of a broader global expansion.

Presently, Nigeria’s music industry is one of the most vibrant in the area of entertainment and arguably measures up to what is obtained anywhere in the world, including the United States of America.

Stars like Burna Boy have won the BET Best International Act awar, Grammy and also Wizkid became the first Nigerian to bag an international award from The American Society of Composers, Authors and Publishers (ASCAP)in recognition of his role in the writing of Drake’s chart-topping hit single ‘One Chance’.

Get real time updates directly on you device, subscribe now.

You might also like
Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. AcceptRead More