Nigerian entertainment, media industry to generate $2.8 billion in 5 years
In the next five years, the Nigerian entertainment and media industry advertisement revenue is predicted to top US 2.8 billion dollars by 2021, increasing at a compound annual growth rate (CAGR) of 12.2% making it the best in the world, according to a published report by PricewaterhouseCoopers LLP (PwC) on Thursday.
The PwC, however, said that this figure must be treated with caution, as a huge proportion of that growth comes from internet access revenue alone–specifically mobile internet access revenue.
Of the $2.8 billion that the Nigerian entertainment industry will get between 2016 and 2021, all but $452 million will come from internet access revenue. The combined elements of TV and video will add nearly $200 million in revenue growth to 2021,” PwC said.
The report also forecasted that Mobile Internet will overtake wired advertising by the end of the forecasted period.
“There is a dramatic shift underway in how entertainment and media companies compete and generate value, as the quality of the experience they deliver to consumers becomes their primary basis for strategic differentiation and revenue growth.”
“In 2012 Nigeria spent 1.9 million watching Pay-TV but last year, over 4 million dollars was spent” the reported noted.
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