There are a number of obvious reasons why the Nigerian entertainment
industry is at the forefront of showbiz and popular culture in the
African continent at present.
First, we have the numbers. Nigeria is the biggest country on the
continent in terms of population, economic strength and consequently
buying power.
The media sector is expanding as well, feeding other affiliated
sectors such as marketing, public relations, advertising and digital
communications. Business is booming, and it is almost impossible to
ignore the potentials.
Many commentaries testify to the financial potentials of the Nigerian
entertainment industry. Industry watchers say it is a field fertile
enough to provide close to half of the nation's total revenue if well
managed and supported.
If President Buhari's budget for 2016 is N6.02 trillion, and expected
earnings from the industry are pegged at N1.592 trillion ($8 billion
at the official rate of N199), then the Nigerian entertainment sector
is clearly at the forefront of the economy.
If the entertainment industry, an industry currently underfunded and
previously disregarded, can garner that much in terms of revenue, then
Nigerians can be hopeful and confident of the future, despite the
gathering economic storm clouds.
As good as this sounds, there are other positive signs based on
projections of the future growth direction of the industry.
Analysts say the next few years will see a surge in more online
engagements and commercial successes for the entertainment industry
even though at present, the industry thrives given the support system
of the telecommunications industry.
What this means is the Nigerian telecoms industry has provided massive
revenues for our music industry through sales of caller ring back
tunes and digital music sales in partnership with other music sites
and streaming platforms.
industry is at the forefront of showbiz and popular culture in the
African continent at present.
First, we have the numbers. Nigeria is the biggest country on the
continent in terms of population, economic strength and consequently
buying power.
The media sector is expanding as well, feeding other affiliated
sectors such as marketing, public relations, advertising and digital
communications. Business is booming, and it is almost impossible to
ignore the potentials.
Many commentaries testify to the financial potentials of the Nigerian
entertainment industry. Industry watchers say it is a field fertile
enough to provide close to half of the nation's total revenue if well
managed and supported.
If President Buhari's budget for 2016 is N6.02 trillion, and expected
earnings from the industry are pegged at N1.592 trillion ($8 billion
at the official rate of N199), then the Nigerian entertainment sector
is clearly at the forefront of the economy.
If the entertainment industry, an industry currently underfunded and
previously disregarded, can garner that much in terms of revenue, then
Nigerians can be hopeful and confident of the future, despite the
gathering economic storm clouds.
As good as this sounds, there are other positive signs based on
projections of the future growth direction of the industry.
Analysts say the next few years will see a surge in more online
engagements and commercial successes for the entertainment industry
even though at present, the industry thrives given the support system
of the telecommunications industry.
What this means is the Nigerian telecoms industry has provided massive
revenues for our music industry through sales of caller ring back
tunes and digital music sales in partnership with other music sites
and streaming platforms.
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