Despite the introduction of many new sources of entertainment, no one can deny the popularity of the entertainment and media industry. It’s true that with advancement in technology, people’s intention has been shifted from entertainment to business modules, however, the entertainment industry can’t be ignored. Along with the rapidly growing film and entertainment industries, the Nigerian Entertainment industry is also growing fast. According to the recent report by PwC Global Entertainment and Media Outlook, it is the world’s fastest-growing entertainment industry. This survey was made among the 54 entertainment industries of the world. Here are some facts about this fast growth.
Compound Annual Growth Rate (CAGR) of Nigeria E&M Market
According to the PwC’s latest report, the CAGR of the Nigerian Entertainment and media market is about 12.1%. This is the highest CAGR that makes this market the fastest growing market in the world. The Nigerian film and media market has encountered the most growth in the last five years. This was due to the struggle of the actors and the unique content they provided their viewers. Hence, it succeeded in shifting people’s interest towards itself.
Reasons for Fast Growth of Nigerian E&M Industry
Here are different reasons that have contributed a lot to the fast growth of the Nigerian Entertainment and Media market.
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1- Technical Advancements and Nigerian Entertainment Industry
The most prominent factor that contributed a lot to the growth of the Nigerian Entertainment and media industry is technology. As the advancement in the technical field increases the chances of intimacy with the audience, the maximum number of people can approach a particular entertainment content. Technology is the major source that contributed a lot to the evolution and stabilization of the Nigerian E&M market. This factor has engaged maximum people in the film, TV industry, and other entertainment sources in Nigeria.
2- Advertising and Nigerian E&M Market
You may know that advertising plays a vital role in raising the overall revenue of any entertainment industry. The same is in the case of the Nigerian E&M market. About more than 72% of the total profit comes through the advertising source in Nollywood. So, it’s another highly contributing factor that has made Nollywood one of the fastest-growing industries.
3- Nigerian E&M and Mobile Advertising
With the invention of mobile phones, people use them to accomplish most of their online tasks. So, people remain in touch with their mobile phones for the maximum time. Nollywood has used the mobile advertising strategy to promote its content for the people. This has also raised their number of followers that have added to its growth rate. According to a survey of 2016, about 61.6% of internet advertising is done via mobile phones. So, it’s the strongest way to promote the content and Nigerians are using it for Nollywood.
Conclusion
Due to its ever-increasing popularity and the total revenue that it’s generating, Nollywood is regarded as the fastest growing industry in the world. Though it started its journey in late 1992, it has gained much popularity all over the world. Above mentioned factors have contributed a lot to making it the fastest-growing entertainment industry.
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