NIGERIA: Nigeria’s entertainment industry and media market is expected to scale $8.1 by 2019 from the $4 billion in 2014, according to a report from PwC titled Entertainment and Media Outlook: 2015 to 2019 for South Africa, Nigeria and Kenya.
The sector, which grew by as much as 19.3 per cent in 2014, the industry according to the report will double by 2019, making the market to be more than twice as big, and estimated total revenue of US$8.1 billion.
As in South Africa, the report says the Internet will be the key driver of growth for Nigeria. Television, comprising revenue from TV advertising and subscriptions, is the other main driver.
Excluding Internet access, television, filmed entertainment and video games are the areas where Nigerian consumers are expected to spend the most over the next five years. Consumer spends on video games and music is set to see the sharpest rise in forecast CAGRs at 14.3 per cent and 11.4, respectively.
However, piracy continues to remain a problem in Nigeria, limiting growth across several entertainment and media sectors. Nigeria entertainment, media market’s growth to hit $8.1bn
Report Analysis of the report show that after more than a decade of digital disruption, the African entertainment and media industry has entered a new landscape, one where the media is no longer divided into distinct traditional and digital spheres.
Entertainment and media leader for PwC Southern Africa, Vicki Myburgh, says this year’s outlook shows consumer demand for entertainment and media experiences will continue to grow, while migrating towards video and mobile.
“Increasingly, though, it’s clear that consumers see no significant divide between digital and traditional media what they want is more flexibility, freedom and convenience in when, where and how they interact with their preferred content.
“Consumers are choosing offerings that combine an outstanding and personalised user experience with an intuitive interface and easy access. This includes shared physical experiences like cinema and live concerts, which appear re-energised by digital and social media.”
