Nigeria’s entertainment industry to gross $10.5 billion by 2024

 

The Nigerian entertainment industry is a vibrant and diverse sector that encompasses various forms of entertainment, including music, film, television, comedy, and sports. Nigeria is known for its rich cultural heritage and has a long history of producing talented artists and performers who have gained international recognition.

The music industry is one of the most prominent sectors in Nigeria's entertainment industry, with genres such as Afrobeats, Afro-pop, and Highlife gaining popularity both locally and internationally. Nigerian musicians such as Wizkid, Davido, Burna Boy, Tiwa Savage and a host of others have gained global recognition and have collaborated with international artists.

The film industry, also known as Nollywood, is the second-largest film industry in the world in terms of output, producing over 2,000 films annually. 

Nollywood films are known for their unique storytelling style and have gained popularity across Africa and the world as a whole.

The comedy industry is also growing rapidly in Nigeria, with comedians such as Basketmouth, Bovi, AY Makun and a whole lot of others gaining popularity both locally and internationally.

Overall, the Nigerian entertainment industry is a significant contributor to the country's economy, providing employment opportunities and generating revenue.

 

According to a report by PwC, Nigeria's entertainment and media industry is expected to grow at a compound annual growth rate of 12.1% from 2020 to 2024, reaching a total revenue of $10.5 billion by 2024. 

The report also highlights the potential for growth in the industry, particularly in the digital space, which could drive revenue even higher. 

However, it is important to note that projections and forecasts are subject to change based on various factors such as economic conditions, government policies, and technological advancements.

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