Nigeria’s Entertainment Industry To Generate $8.1billion Revenue By 2019 – NSE DG
Nigeria’s entertainment and media market is the fastest-expanding major market globally. By 2019, the market will be more than twice as big, with estimated total revenue of US$8.1 billion.
Record sales have more than tripled in the past five years and industry stakeholders have projected that the country’s entertainment industry would hit US$1 billion dollars this year.
“The industry has the potential to do much more, and this is why Music Week Africa (MWA) is bringing together key stakeholders to start the conversation about enabling sustainable growth in the entertainment industry across the continent”, said Oscar Onyema, Chief Executive Officer, Nigerian Stock Exchange (NSE), who was host to the 2016 edition of Music Week Africa.
Onyema said the NSE was particularly proud to partner with Music Week Africa to promote the business of music and accelerate the growth of this sector in Africa. The Music Week Africa platform provides opportunities for sector players, investors and collaborators to close deals, network, connect as well as increase their capacity to develop profitable and sustainable business models for the music and entertainment industry on the continent.
He disclosed that The Nigerian Stock Exchange has positioned itself as the African Exchange of choice for African issuers and global investors looking to use capital markets to raise both equities and debt capital especially for the capital intensive entertainment industry in Nigeria.
“With a total market capitalization of N15.7tr ($49.88m) across all of our product categories, we have implemented far-reaching transformational policies aimed at strengthening and providing products that are aligned to investors’ requirements, improve market access, while ensuring a fair and orderly market”, Onyema said.
Besides the Nigerian entertainment industry, South Africa’s entertainment and media market continues its run of double-digit year-on-year growth, and is set to reach R176.3bn ($13.04bn) by 2019. Kenya’s entertainment and media market is set to surpass US$3 billion in 2019.