Growth Potential of the Nigerian Entertainment Industry

The Nigerian entertainment industry, encompassing film, music, digital media, and gaming, is experiencing significant growth, positioning itself as a major contributor to the nation’s economy and a cultural powerhouse on the global stage.

Economic Contributions and Projections

In 2023, the Nigerian entertainment and media sector generated approximately $9.0 billion in revenue. Projections indicate that this figure will rise to $13.6 billion by 2028, reflecting a compound annual growth rate (CAGR) of 8.6% :contentReference[oaicite:4]{index=4}. Another report estimates the industry’s revenue to reach $14.82 billion by 2025, up from $4 billion in 2013, marking a CAGR of 16.5%.

Box Office Performance

The Nigerian box office has shown remarkable resilience and growth. In 2024, it recorded a 60% increase in revenue, generating N11.5 billion, up from N7.2 billion in 2023. The first quarter of 2025 continued this trend, with revenues reaching N3.48 billion, a 54.7% increase compared to the same period in 2024.

Streaming and Digital Media

The rise of digital platforms has significantly impacted the Nigerian entertainment landscape. Streaming services like Netflix and Amazon Prime have invested in local content, with Netflix alone investing $23 million over seven years, resulting in over 250 locally licensed titles and the creation of more than 5,140 jobs.

However, recent shifts have seen Nigerian filmmakers turning to platforms like YouTube, which offer broader reach and creative freedom. For instance, the romantic comedy “Love in Every Word” garnered over 5 million views in just three days, highlighting YouTube’s potential for Nollywood creators.

Music Industry Growth

Nigeria’s music industry continues to thrive, with streaming revenues projected to reach $122.10 million in 2024 :contentReference[oaicite:10]{index=10}. Spotify reported that royalties for Nigerian artists doubled in 2023, exceeding N25 billion. Additionally, the Copyright Society of Nigeria (COSON) approved a 2024 royalty distribution of N465.5 million, the highest in its history

Emerging Sectors: Gaming and Internet Advertising

The video games and esports sector is experiencing rapid growth, with revenues expected to climb from $192 million in 2023 to $322 million by 2028, representing an annual increase of 10.9%. Similarly, internet advertising is projected to more than double, from $519 million in 2023 to $1.06 billion by 2028, reflecting an annual increase of 15.4%

Conclusion

The Nigerian entertainment industry is on an upward trajectory, driven by a combination of youthful demographics, technological advancements, and increasing global recognition. Continued investment and supportive policies will be crucial in sustaining this growth and solidifying Nigeria’s position as a leading entertainment hub in Africa and beyond.

Sources: PwC Africa Entertainment and Media Outlook 2024–2028, BusinessDay NG, Vanguard News, Nairametrics, The Guardian.