Nigeria’s entertainment and media revenues is expected to hit an estimated $8.5 billion by 2018, a report by business solutions firm PWC has revealed.
The sector’s returns, according to the report, will more than double 2013 figure of $4.0 billion at a CAGR of 16.1 percent. This is considered one of the fastest growth rates in the world.
The Internet will be the 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, will also become a $1 billion-plus market in 2018, while the market will 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.
Once again, it is Internet access that is driving growth television and radio will account for combined $1 billion-plus of revenues at the end of the forecast period.