According to experts, Nigeria’s entertainment and media market by 2030 will generate an estimated total revenue of US$30.16 billion. The Internet will be the key driver of growth for Nigeria. Television, comprising revenue from TV advertising and subscriptions, is the other main driver. With innovation and fresh ideas, a lot of new businesses and products will emerge.
Excluding Internet access, television, filmed entertainment, video games and live streaming are the areas where Nigerian consumers are expected to spend the most over the next five years.
Consumer spending on video games and music is set to see the sharpest rise in forecast CAGRs at 17.3% and 15.4%, respectively. Piracy continues to remain a problem in Nigeria, limiting growth across several entertainment and media sectors.
The opportunities that these numbers present are mouth watering. Are you ready or positioned to take part in this development. Are your services and products geared towards innovation and fresh ideas that can tap into the new vista’s of entertainment and media?