Broadcasting
Nollywood Targets to Generate $14.82B by 2025
A report recently released by the Nigerian Entertainment Conference (NECLive) has revealed that the Nigerian entertainment industry is projected to reach an estimated $14.82 billion revenue in 2025, up from $4 billion revenue recorded in 2013.
The report, titled “Growth, Trends and Opportunity in Nigerian Creative and Entertainment Industry”, was written by NECLive, an entertainment research organisation.
According to NECLive founder, Ayeni Adekunle, the projections are based on the Africa Entertainment and Media Outlook 2023-2027, by PriceWaterhouseCoopers (PwC), a global expert in accounting and business reengineering.
“In 2012, the industry encountered formidable challenges, causing frustration and disillusionment.
“However, that very frustration became the catalyst for a transformative spark, giving birth to the visionary concept of NECLive. This audacious initiative aimed to unite the nation’s finest creative and industry minds, facilitating dynamic brainstorming sessions, fostering invaluable networking opportunities, and showcasing exceptional talent.
“In 2013, the realisation of this dream became a remarkable reality,” Mr Adekunle said.
He said that for the many aspiring actors and actresses who have come into Nollywood and made it big, the growing numbers in revenue stand as a testament to the sweat and work of the last 10 years.
Mr Adekunle also said that the industry has undergone a remarkable shift from struggling to sell music tapes and gain airplay on radio stations to a phase where artists, managers, producers, directors, and labels are thriving on established structures, leading to increased international recognition and acceptance.
According to him, this paradigm shift highlights that music is not merely an art but a substantial source of revenue and that the film and comedy sectors have become intricately linked, transitioning to online platforms to adapt to modern technologies, and fostering sectoral growth.
The report provided an in-depth analysis of the financial performance across various industry sectors over the past decade, spanning from the music industry to film, fashion, and comedy.
Projections indicate an impressive 16.5 per cent Compound Annual Growth Rate (CAGR) in revenue over the next five years. This growth is attributed to various factors, including the rising internet accessibility among mobile users, with an expected increase from 54 million to 78 million subscribers within the timeframe.
Additionally, the surge in streaming platforms and the integration of innovative technology like Generative AI are poised to drive double-digit revenue growth.
The report also delves into the growth, trends, and opportunities in the Nigerian creative and entertainment industry over the last decade and outlines its future expansion plans.
The film sector’s evolution from producing and distributing 1,800 films worth $5.1 billion in 2013 to 2,500 films valued at $6.4 billion currently has positioned Nigeria as the world’s second-largest film producer.
The entertainment industry has undergone a remarkable shift from struggling to sell music tapes and gain airplay on radio stations to a phase where artists, managers, producers, directors, and labels are thriving on established structures, leading to increased international recognition and acceptance.
The era of cassette tapes and DVDs, the group further said, “had given way to a thriving scene marked by sold-out global concerts and tours, international and local awards such as the Grammys, Billboard, BET, MTV Europe Music Awards, and AMVCA, exclusive movie premieres and cinema viewings, topping charts and grossing billions through extensive streaming on digital platforms like IrokoTV, ShowMax, Netflix, and Amazon Prime Video.
“The entertainment industry boasts an impressive track record of milestones, projecting its superstars, projects, and creative works onto the global stage”.
The report stated that “For the many aspiring actors and actresses who have come into Nollywood and made it big, the growing numbers in revenue stands as a testament to the sweat and work put in place within the last ten years and beyond.
“The sector has moved from the production and distribution of 1,800 films worth $5.1 billion in 2013 to 2,500 films worth $6.4 billion and counting. This makes Nigeria the 2nd largest film producer in the world.”
“Amid progress, it’s essential to acknowledge the challenges that once plagued the entertainment industry, such as high cases of piracy, which crippled profitability, and limited funding that hampered creativity as well as lack of international exposure.
“However, today’s landscape, shaped by the internet, streaming platforms like IrokoTV, Billboard, Netflix, and social media giants like Instagram, Twitter, TikTok, Youtube, Facebook, and Snapchat, along with forums like the Nigerian Entertainment Conference (NECLive), which has for the past decade served as gathering for the industry giants, facilitated dialogues, provided solutions, and steered transformative changes within the industry,” the report stated.
Yemisi Bamgbose, executive secretary of the Broadcasting Organisation of Nigeria (BON), has faulted the decision of the Federal Competition and Consumer Protection Commission (FCCPC) to review DStv and GOtv subscriptions.
In a statement on Monday, Bamgbose said the commission had remained silent following the increase in prices of goods and services by big firms and companies — but intends to review prices of the pay-tv.
“I would have given FCCPC a thumb up if they had been intervening on price matters, most especially those that have direct bearing on the livelihood of the masses,” Bamgbose said.
“If the mandate of FCCPC includes price control of goods and services in a free and deregulated economy, where was the organisation when Bakers Association in the country increased the cost of a loaf of bread more than 200% in the last one year.
“I doubt if FCCPC was aware that a sachet of pure water has been increased from five naira to twenty naira the last one year. Is the organisation on vacation?
“Perhaps the organisation is on leave when bottling companies in the country astronomically increased the cost of malt and other soft drinks. I was surprised that FCCPC didn’t call stakeholders meeting to review the new prices.
“Perhaps the cost of a bag of cement has not been increased from four thousand Naira in the last one year. That must be the reason why FCCPC did not deem it fit to invite Dangote, Bua and Lafarge cement manufacturers with relevant stakeholders to discuss the more than 100% increase on a bag of cement.
“Aviation sector, on a daily basis, increases the cost of domestic flights. This also has not attracted the attention of FCCPC.
“In the education sector, I was wondering why FCCPC could not call for the review of the cost being charged by private educational institutions especially those charging in dollars in a country where Naira is the legal tender.”
According to Bamgbose, if other services are allowed to increase their prices, MultiChoice should also have the freedom to determine the price of its products to maintain high-quality service.
She added that the choice of whether or not to subscribe to the service should be up to the consumer.
The secretary said subscription television is not an essential commodity and those who cannot afford the services of MultiChoice or any pay TV can decide not to subscribe.
“Anyway, on the part of broadcasting, I want to assume that FCCPC does not know what goes into the business of broadcasting, perhaps, that could inform the decision of the agency to plan the proposed review of the increase in the price of DSTV and GOTv pay TV channels respectively,” she said.
“There are free to air stations such as NTA, RADIO NIGERIA, AIT, SILVERBIRD CHANNELS, STATE OWNED RADIO AND TV STATIONS, PRIVATE RADIO STATIONS etc where consumers don’t pay to listen to radio or watch television.
“There are subscription channels such as MULTICHOICE, GOtv, TNtv, STARTIMES etc where viewers pay to watch and listen. There are choices.
“During Covid-19 pandemic, stations burnt diesel without adverts or other sources of revenue for more than twelve months in national interest.
“The cost of diesel rose from two hundred naira per litre in 2021 to one thousand seven hundred per litre in 2023/24, and broadcast stations have to transmit for twenty four hours changing from one generator to the other.
“None of the national stations such as Channels TV, Arise, TVC, AIT, Silverbird, and NTA, amongst others, commits less than one hundred million Naira on diesel on monthly basis to keep their mandate of information, education and entertainment.
“It may interest the public to know that many, if not all, of the national radio and television stations in Nigeria have not been able to break-even since 2020 when the nation’s economy was shut down as a result to Covid-19 pandemic.
“Why? Each network station that transmits 24 hours consumes not less than twelve thousand litres of diesel per week. In Nigeria, we want everything free.
“For MultiChoice to provide coverage to the nooks and cranies of the country, it maintains over three hundred sites powered with diesel generating sets in each of the sites.
“The public should also know that these PAYTV companies purchase all these contents that subscribers watch at the comfort of their homes and offices.
“Those who can not afford the services of MultiChoice and indeed any pay TV can decide not to subscribe, afterwards, there are many free to air television channels and content on satellites OVER THE TABLE (OTT) that can be accessed through free to air decoders and wifi.”
Recall that on April 24, Multichoice Nigeria announced an increase in the cost of subscriptions for its DStv and GOtv packages.
The pay-tv firm cited the rise in cost of operations as the rationale behind the price increase.
Competition and Consumer Protection Tribunal (CCPT) sitting in Abuja has restrained Multichoice Nigeria, a -TV operator, from implementing the DStv and GOtv subscription prices hike it announced last week
The interim order was sequel to an ex-parte motion filed before the court by Ejiro Awaritoma, counsel to the applicant, Festus Onifade.
The three-member panel of the Competition and Consumer Protection Tribunal, presided over by Saratu Shafii, issued the order on Monday.
Recall that THE management of Multichoice Nigeria Limited last week announced a fresh hike in the prices of subscriptions for its DStv and GOtv packages.
The fresh prices hike came barely four months after the previous fee adjustment.
According to an email sent to customers, the new prices on its DSTV and GOtv packages would take effect on Wednesday, May 1, 2024.
But Onifade. in a suit marked: CCPT/OP/2/2024, had dragged MultiChoice Nigeria Limited and the Federal Competition and Consumer Protection Commission (FCCPC) before the Competition and Consumer Protection Tribunal
Onifade in the suit filed on April 29 sought “An order of interim injunction of this honourable tribunal restraining the 1st defendant, whether by themselves, her privies, assigns by whatsoever name called from going ahead with impending price increase schedule to take effect from 1st May, 2024, pending the hearing and determination of the motion on notice
“An order restraining the 1st defendant from taking any step(s) that may negatively affect the rights of the claimant and other consumers in respect of the suit pending the hearing and determination of the Motion on Notice.”
In its ruling, the court restrained MultiChoice from implementing the announced prices increment, pending the hearing and determination of the motion on notice filed before it.
The court ruled that “The 1st defendant is hereby restrained from taking any step(s) that may negatively affect the rights of the claimant and other consumers in respect of the suit pending the hearing and determination of the motion on notice.”
The court directed all parties in the suit to appear before it on May 7 at 10am for the hearing and determination of the motion on notice.
The three-member tribunal chaired by Saratu Shafii, delivered the ruling on Monday on an ex-parte motion marked CCPT/OP/2/2024 and filed by Festus Onifade through his lawyer, Ejiro Awaritoma.
Onifade had sued Multi-Choice Nigeria Ltd, and the Federal Competition and Consumer Protection Commission (FCCPC), accusing the former of unjustly increasing subscription fees.
LG Electronics, a global leader in technology and innovation, is delighted to announce the launch of the highly anticipated K-POP Fiesta contest in Nigeria.
This exciting event offers fans a unique platform to showcase their passion for Korean pop music and dance, while providing an opportunity to engage with fellow enthusiasts from all corners of the country.
The contest will be to four major cities in Nigeria, including Lagos, Abuja, Port Harcourt, and Ibadan. The K-POP Fiesta contest aims to bring the electric energy and vibrant culture of K-POP to Nigeria, a country known for its love of music and dance.
The K-POP Contest invites talented individuals and groups to contest in various categories, including singing, dancing, and performance. As part of its commitment to fostering cultural exchange and embracing diversity
“We are excited to bring the K-POP Contest to Nigeria and provide a platform for talented individuals to shine,” said Mr. Hyoungsub Ji, Managing Director at LG Electronics West Africa.
“By taking the contest to multiple cities, we aim to reach a diverse range of participants and celebrate the rich cultural exchange between Korea and Nigeria. Contestant will have the opportunity to win exciting prizes and recognition for their talent”.
“We are thrilled to bring the K-POP Fiesta contest to Nigeria, a country with a rich musical heritage. This event is a testament to LG’s dedication to providing unique and exciting experiences for our customers. We believe that K-POP has the power to unite people from different backgrounds and create a sense of joy and unity.” Mr. Hyoungsub added
The K-POP Contest tour will kick off in Ibadan on the 2nd and 3rd of May, where fans can experience the electrifying energy of K-POP through dance and singing competitions, and also interactive experiences. From there, the tour will travel to Lagos, Port Harcourt, and Abuja, giving aspiring performers in each location the chance to showcase their talent on a grand stage at the finale which will take place in Lagos sometime in June.
The K-POP Fiesta contest will provide participants with a platform to showcase their talent, creativity, and love for K-POP. Participants will have the opportunity to compete in various categories, including singing, dancing, and even creating their own K-POP-inspired music videos. The contest will be judged by a panel of industry experts, ensuring a fair and unbiased evaluation.
Three winners in music and dance will emerge at the regional contest in these four cities with five hundred thousand naira up for grabs while the winner at the grand finale gets two million naira plus other exciting prizes.
In addition to the contest, attendees will also have the opportunity to experience LG’s latest innovations in entertainment technology. From high-quality sound systems to immersive displays, LG continues to push the boundaries of what’s possible in entertainment and lifestyle.
LG Electronics is committed to supporting and nurturing talent in Nigeria, and the K-POP Fiesta contest is just one of the many initiatives undertaken by the company to empower individuals and encourage artistic expression. By bringing the K-POP phenomenon to Nigeria, LG aims to create a memorable experience for both participants and fans alike.
To participate in the K-POP Fiesta contest, fans can register online at https://www.lg.com/africa/LG-Kpop-Fiesta or Join the conversation on social media (Instagram) using the hashtag #LGKPOPNigeria.
The contest is open to all K-POP enthusiasts in Nigeria, regardless of age or background.
The event had in attendance Management of LG Electronics, Nigeria Video Jockey & TV Presenter, V.J Adams, Akunna Okechukwu, 2021 Nigerian Idol finalist, among others.
5G Subscriptions Hit 2.7m in Nigeria –NCC
Experts Seek Stricter Regulation against Call Masking, SIM-Boxing Fraud
Glo Urges Workers to Reflect on Furthering National Growth on May Day
234Finance Moves to Boost Economic Progress in South East
Chowdeck Secures $2.5M Seed Funding to Optimize On-demand Food Delivery in Nigeria
See Full List of Fake Loan Apps Blacklisted By CBN
CBN Sacks another 50 Staff, 117 Disengaged in 20 Days
AfDB, AGF Partner on Female Entrepreneurs’ Access to Finance
Nigeria Plans AI Strategy Workshop for National Development
IMF says Rising Cyber Threats Pose Serious Concerns for Financial Stability
News2 days agoProf. Aliyu, AI Practitioner to Keynote ABoICT 2024
Telecom2 days agoTariff Hike Threat: NCC Urges Telcos to Reduce Operating Cost
Telecom2 days agoThe NCC, Telcos and the Tariff Discourse
E-Financial2 days agoNigerians Trust Bitcoin for Financial Security than Sanks – Report
Broadcasting2 days agoWhy Multichoice Hiked Subscriptions for DStv and GOtv Packages- FCCPC
Telecom2 days agoWale Owoeye Shines among Nigeria’s Top 50 Digital Economy Leaders
E-Business2 days agoPaga Hits N14tri Transactions Value in 15 Years
Uncategorized2 days agoDufil Prima Foods Brings Relief to Indigent Families in Abeokuta