Nigeria’s Entertainment and Media Industry to grow at 16.5% CAGR by 2027
Nigeria is among the countries with the fastest-rising entertainment and media markets in the world, with an annual revenue growth rate of 12.4% in 2022, according to PricewaterhouseCoopers (PwC) African Entertainment and Media Outlook 2023-2027. The survey also predicted that revenue will increase to $12.9 billion by 2027, showing an industry Compound Annual Growth Rate (CAGR) of 16.5%.
The growth forecast was ascribed to the increasing number of young people, better internet access, and the use of mobile technology, all of which have increased the reach of media platforms. In addition, the anticipated expansion suggests that thousands of employment will be generated and offers chances for talent development and a rebranding of the country’s identity.
It is recommended that the government facilitate innovation and creativity by offering infrastructure assistance for digital connectivity. Unlocking the potential of the entertainment and media business is made possible in part by the $100 million Lagos state film city initiative. To realize the full potential of the industry, other states and the federal government must collaborate with industry stakeholders to formulate an action plan.
Furthermore, legislative frameworks that promote investment, assist in the development of indigenous content, solve issues of piracy and safeguard intellectual property will be essential to the continued expansion of Nigeria’s media and entertainment sector.
