BY SHAMAN MOMOH
According to a September 2015 report by PricewaterhouseCoopers PwC, Nigeria’s entertainment and media market grew by 19.3% in 2014 to reach US$4 billion. By 2019, the market will be more than twice as big, with an estimated total revenue of US$8.1 billion.
The PwC report titled Entertainment and media outlook: 2015 – 2019 (South Africa – Nigeria – Kenya) states that as in South Africa, 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 spend on video games and music is set to see the sharpest rise in forecast CAGRs at 14.3% and 11.4%, respectively. Piracy continues to remain a problem in Nigeria, limiting growth across several entertainment and media sectors.