Nigeria’s entertainment industry, also known as “Nollywood”, is one of the fastest growing and most influential creative sectors in the world. It encompasses film, music, television, video, gaming, and more.
We will explore some of the latest trends and developments that are shaping the industry in 2023.
Film: A Global Force
Nollywood is the second most prolific film industry in the world, producing about 2,500 movies per year. It has a global audience and a distinctive style that blends drama, comedy, romance, and social commentary. Some of the most popular genres are comedy, action, thriller, and epic.
The industry has also been adapting to the challenges and opportunities posed by the COVID-19 pandemic. In 2020 and 2021, many cinemas were closed or operating at reduced capacity, forcing filmmakers to explore alternative distribution channels such as streaming platforms and video-on-demand services. Some of the major players in this space include Netflix, Amazon Prime Video, Iroko TV, and Startimes.
According to PwC Global Entertainment and Media Outlook for 2022-2026, Nigeria’s film industry contributed 2.3% ($660 million) to GDP in 2021 and is projected to increase its export revenue earnings to over $1 billion by 2026. The report also indicates that the industry will account for 1.4% of GDP by 2023.
Some of the recent successes of Nollywood include Oloture (2019), a Netflix original movie that exposes the harsh realities of human trafficking; Living in Bondage: Breaking Free (2019), a sequel to the 1992 classic that launched Nollywood; King of Boys: The Return of the King (2021), a political thriller series that was also a Netflix original; and RattleSnake: The Ahanna Story (2020), a remake of the 1995 crime drama.
Music: A Cultural Phenomenon
Nigeria’s music industry is also a vibrant and diverse sector that employs about a million people and generates over $8 billion for the economy. The industry is known for its rich musical heritage and its fusion of various genres such as Afrobeat, Afropop, Highlife, Fuji, Juju, Gospel, Hip Hop, and R&B.
Some of the most prominent artists in Nigeria include Wizkid, Davido, Burna Boy, Tiwa Savage, Yemi Alade, Olamide, Simi, Adekunle Gold, and Teni. These artists have not only dominated the local scene but have also gained international recognition and collaboration with stars like Beyoncé, Drake, Ed Sheeran, Chris Brown, Justin Bieber, and Nicki Minaj.
The industry has also been leveraging digital platforms and social media to reach new audiences and markets. According to PwC Global Entertainment and Media Outlook for 2022-2026, Nigeria’s music sector grew by 15.7% in 2020 and is expected to grow by 12.8% annually until 2026. The report also states that streaming revenue accounted for 82% of total music revenue in 2020 and will increase to 89% by 2026.
Some of the recent achievements of Nigeria’s music industry include Wizkid winning the Grammy Award for Best Music Video for his collaboration with Beyoncé on Brown Skin Girl; Burna Boy winning the Grammy Award for Best Global Music Album for his album Twice as Tall; Davido performing on The Tonight Show Starring Jimmy Fallon; Tiwa Savage releasing her fourth studio album Celia; and Yemi Alade becoming the first African female artist to reach one billion views on YouTube.
Gaming: A Rising Star
Nigeria’s gaming industry is one of the emerging sectors that has shown tremendous potential and growth in recent years. The industry consists of game developers, publishers, distributors, platforms, esports players, streamers, and fans. Some of the popular genres are casual games, action games, adventure games, puzzle games, sports games, and simulation games.
The industry has been driven by several factors such as increasing internet penetration, smartphone adoption, youth population, disposable income, and gaming culture. According to PwC Global Entertainment and Media Outlook for 2022-2026, Nigeria’s gaming market grew by 21.5% in 2020 and is projected to grow by 16.8% annually until 2026. The report also estimates that the market will be worth $377 million by 2026.
Some of the recent developments in Nigeria’s gaming industry include Maliyo Games launching a mobile game called Aboki Run that features Nigerian characters and culture; ChopUp Games releasing a mobile game called Sambisa Assault that depicts the fight against Boko Haram; Kucheza Gaming hosting the first edition of the Nigeria Esports Championship that attracted over 1,000 participants; and Gamsole creating a mobile game called Gidi Run that is inspired by the Lagos lifestyle.
Nigeria’s entertainment industry is a dynamic and diverse sector that has a significant impact on the economy, society, and culture of the country. It is also a source of pride and inspiration for millions of Nigerians and Africans. The industry has demonstrated its resilience and innovation in the face of the COVID-19 pandemic and has continued to produce quality content and services that appeal to local and global audiences. The industry is also poised for further growth and expansion in the coming years, as it leverages new technologies, platforms, and opportunities.
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