In our daily African arts and culture, entertainment has grown to be one of the major and fastest growing category which mostly the youths have grown to embrace. Today, entertainment has impacted most positive impacts on the growth and development of many Nations in the would which Africa is part of and Nigeria mostly affected.
The entertainment industry can be seen as any business that generates value by providing people with amusement, pleasure, and thrill experiences. The entertainment industry includes; film, sports, fashion, music, media, museums, arts performances, video games, night economy such as; clubs, and karoke.
Nevertheless, the Nigerian entertainment industry will be our focal point of interest for points measures. On our list are the Film Industry (Nollywood) and the Music Industry.
Nollywood emerged in 1992 and is now one of the world’s largest film industries in the world and the largest in Africa. It is an umbrella for practitioners in scripting, directing, acting, cinematography, make-up, editing, etc. Nollywood impressively has star actors like Pete Edochie, Genevieve Nnaji, Omotola Ekeinde, Olu Jacobs, Mercy Johnson etc. The music industry is in no doubt recognized both locally and internationally.
Research has been made that Nigeria produces about 2,500 films annually and records about $22 million on cinema revenue, in 2021, and rising about 8.6% in CAGR (The Compound Annual Growth). The motion picture and music recording industry exceeded 2020 projected $806 million revenue, contributing about 730 Billion Naira ($1.8 Billion) to the country’s GDP.
Furthermore, the music industry has won prestigious awards with artists like Wizkid, a Grammy nominee and Burna Boy claiming Grammy awards hence attracting more and more investments from several sources such as Spotify. Spotify is currently the global leader in music streaming as the company continually moves into the Nigerian market as part of a broader global expansion.
COVID-19 led to the initial shutdown of public shows and concerts. There was an increase in internet music subscribers (154.3 million as of December 2020), digital song sales, and online streaming. Much of the music industry’s revenue potential, particularly from recorded music, remains untapped.
Importantly, music streaming, which accounts for more than half the revenue of the global music industry, shows comparatively low penetration rates in Nigeria.
In conclusion, the country’s global Nigeria has been recognized globally for its exceptionality in entertainment. Nigeria is on the global space to due to it impact in the entertainment industry.