Nigeria To Generate 85% Of Entertainment, Media Revenue From Internet – PwC

PwC, one of the leading consulting firms in the world, has projected that Nigeria’s Entertainment and Media (E &M) industry’s revenue will rise from $7.68 billion in 2021 to $14.82 billion in 2025. In its latest industry report titled “Perspectives from the Global Entertainment & Media Outlook 2021-2025”, PwC says internet access, a major segment in the E & M industry, will generate 85 percent of the country’s E & M revenue by 2025, insights gained from the report have revealed.

The total revenue that will be generated by all the players in the Nigeria’s E & M’s industry is expected to rise from $7.68 billion in 2021 to $9.03 billion in 2022, to $10.66 billion in 2023, and will increase further to $12.56 billion in 2024 before settling at $14.82 billion by 2025, culminating to an average growth rate of 18 percent during the period.

Internet access segment’s revenue accounts for 78 percent of the country’s E & M industry revenue in 2021, a noticeable improvement on the revenue made in 2016 when it accounted for 61 percent of the E & M industry’s revenue in Nigeria.

The rising demand for streaming services due to the pandemic imposed lockdown and work from home policy, internet access revenue segment in Nigeria is expected to gain more market share in the next few years, the report forecasts. Internet access based services such as subscription video-on-demand (SVOD), over-the-top (OTT), transactional video on demand (TVOD), are projected to have robust growth from now through 2025.