Nigeria’s Entertainment, Media Sector Revenue to Rise $13bn in 2027 – Report

Nigeria’s entertainment and media sector is set to undergo remarkable expansion, with a projected revenue surge to $12.9bn by 2027, Pricewaterhouse Coopers said in its latest report.

PwC’s African Entertainment and Media Outlook 2023-2027, comparing Nigeria, South Africa, and Kenya, identifies Nigeria as the standout performer, anticipating a 16.5 per cent compound annual growth rate in entertainment and media revenue through the forecast period.

The report indicates that Nigeria’s E&M revenue is expected to double, reaching $12.9bn by 2027, up from $6bn in 2022.

The robust growth trajectory is attributed to significant gains in Internet access revenue, particularly mobile.

The number of mobile Internet subscribers in Nigeria is forecasted to increase from 54 million to 78 million by 2027, contributing to the market’s double-digit revenue growth.

Notably, Nigeria’s entertainment and media sector stand out globally with the strongest growth rate, positioning it as a key player in the industry.

The report also highlighted a marginal contraction in the newspapers, consumer magazines, and books segment, aligning with global trends.

By 2027, the sector anticipates sustained double-digit revenue growth, with Internet advertising leading in absolute revenue gains, closely followed by Internet access.

The report stated, “Nigeria experienced the most significant growth in OTT revenue compared to South Africa and Kenya in 2022, generating $45.2m.”

“Between 2016 and 2022, it has been reported that these three nations received a collective US$175m investment into producing content, the bulk of which went towards South Africa.

“$23.6m of the collective funding was invested in Nigerian entertainment, involving the production of more than 250 pieces of nationally produced video content.”