By Alex C
Revenue earnings from Nigeria’s entertainment and media industry are expected to hit an estimated $8.5 billion by 2018, a multinational advisory and auditing firm PwC report has revealed. The sector’s returns are expected to double 2013 figure of $4.0 billion at a CAGR of 16.1 percent. This figure, analysts say, is considered one of the fastest growth rates in the world.
The Internet remains a key driver for Nigeria, where the number of mobile Internet subscribers is forecast to surge from 7.7 million in 2013 to 50.4 million in 2018. Television in the form of advertising and subscriptions and licence fees, is also projected to become a $1 billion-plus market in 2018, while the market continues to grow steadily.
East Africa’s economic giant Kenya is also primed to experience similar fortunes. It recorded $1.7 billion in entertainment and media revenues in 2013, and this is forecast to rise to $3.1 billion in 2018. Interestingly, internet access is also driving growth television and radio will account for combined $1 billion-plus of revenues at the end of the forecast period.