In this rather data-packed article, we shall explore Nigeria’s media industry, which also encompasses Nollywood. Nigeria’s media and digital economy have two significant sectors: media and entertainment. The media industry includes enterprises such as broadcasting, news, publishing, and entertainment that create, distribute, and sell the material, particularly news, video, and music, to media outlets, entertainment corporations, and people. In a nutshell, it refers to the companies and industries involved in digitally creating, distributing, and selling information or content.
Everything Media is the media industry in Nigeria!
In addition, it encompasses film production and broadcasting, online media advertising and digital marketing, radio and television networks, and the telecommunications industry, including mobile networks and the internet. Like in any other country, the media sector in Nigeria covers a broad spectrum of services.
Nigeria Becoming the fastest growing Media & Digital Industry
It’s worth noting that Nigeria is the first African country with a population of over 210 million and the largest and fastest-growing market for the digital and media industries. The Nigerian media and digital business are one of the world’s fastest-expanding economic sectors. According to PwC’s Global entertainment and media outlook 2017 -2021 Nigeria will be the world’s fastest-growing E&M market over the next five years, with a 12.1 per cent CAGR (despite being heavily driven by increasing expenditure on mobile Internet connection), while Japan will be the slowest-growing, with a 1.7 per cent CAGR.
Future forecast by experts in the industry
Internet video will expand at an 11.6 per cent CAGR over the next five years, while music streaming will rise at a 20.7 per cent CAGR. It is also estimated that between now and 2025, Nigeria’s media and digital (entertainment) industry will earn up to $14.8bn from its present revenue of $7.7b. Its high growth can be attributed to the fast growth of Internet usage (85%), and growth in the number of cell phones.
For almost a decade, the ICT industry has continuously contributed more than 10% of Nigeria’s GDP, with the telecommunications sector alone providing 12.45% of GDP in the fourth quarter of 2020. Furthermore, according to a report titled ‘Digital ID in Nigeria: State of the Industry,’ which was co-sponsored by digital identity technology firm VerifyMe Nigeria and global consulting firm Dalberg Advisors, Nigeria’s progressive shift toward digital identities is capable of contributing 7% in real GDP to the economy by 2030. The digital economy (information technology industry) generated around 18% of GDP in the second quarter of 2021, according to the 33-page research, which is the first independent evaluation of the sector.
How Nollywood is driving Nigeria’s media industry
Film-making in Nigeria is mainly divided along regional and marginally ethnic and religious lines. Before the digital age dawned on the world, Nigeria produced films on VHS cassette back in the late 90ties, which later moved to DVDs. As the DVD era saw heavy pirating in the east, many filmmakers embraced the launch of several cinemas around the country. Nigerians enjoy storytelling and cannot resist watching stories they can identify with. With the advent of digital technology, many people in Nigeria are becoming incredibly connected to global events and history.
A couple of years ago, Netflix entered the Nigerian market with new film standards that are changing the industry’s dynamic for some. Following Netflix is Amazon prime, which has seized 2022 onwards to compete with Netflix. However, before the entry of Netflix and co., Irokotv offered classic Nollywood films alongside a good number of television channels and programs providing similar. The Nigerian movie industry is diverse in terms of style, quality, storytelling approach and resources. There is a strong demand for authentic and African-driven narratives.
Ministry in Charge
Nigeria’s media and digital industries are managed by several ministries and bodies. The Ministry of Communications and Digital Economy is in charge of radio and television networks, telecommunications, mobile networks, and the internet. The Ministry of Information and Culture is in charge of broadcasting and film production. The Advertising Practitioners Council of Nigeria (APCON), the National Information Technology Development Agency (NITDA), and the Nigerian Communications Commission (NCC) are among the other bodies in charge of the industry.
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